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The price of Bitcoin (BTC) , the largest cryptocurrency, has risen by 37.3% in November 2024 during the US presidential election, capturing the attention of many. According to an analysis by Spot On Chain, this momentum for Bitcoin may continue into December. Historical data indicates a tendency for Bitcoin prices to increase between 30% and 46% in the December months following election periods.

Expectations for New Bitcoin Records

Spot On Chain previously predicted in April that Bitcoin could reach $100,000 in 2024. However, recent developments have led to an upward revision of these forecasts.

Market analysts predict that Bitcoin could rise to $115,000 this month due to increasing demand and the fear of missing out (FOMO). Growing optimism among investors and the overall performance of the market are strengthening this expectation.

Historical Data and Market Dynamics Support Growth Expectations

The current upward momentum of Bitcoin’s price aligns with similar periods following US presidential election months in past years. Analysts believe that potential price increases in December are supported by historical trends and current market conditions. A reduction in global economic uncertainties and investors’ inclination towards risky assets are making Bitcoin more attractive.

Spot On Chain notes that the continuation of this trend in Bitcoin’s price could create broader market activity and present significant opportunities for investors. This opportunity primarily refers to the altcoin market itself. Indeed, the upward momentum in Bitcoin is currently keeping the altcoin market in a positive trajectory, and the rising trend in the largest cryptocurrency will continue to support this positive outlook.

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