itcoin had an extraordinary November, reaching a price of approximately $96,000 at the end of the month, although it had a pullback of approximately 8.%. The cryptocurrency rose by 37.3% which was its second best performing month in the year.
Supply and Demand Dynamics
Investors have been offloading Bitcoin, with 508,990 moved since September. But what happens to the market is whether or not the short term holders demand can continue to propel the supply further upwards. This is critical for a bullish continuation in Bitcoin as well as alt coins.
Halving Year Potential
Historically, Bitcoin’s halving years have been great for the price with an average of a 38.% gain. The current market appears to have potential for further development although it will be expected to experience fluctuations in future which is normal during a bull market, and is not a sign of weakness, rather a healthy sign for continuation.
December Outlook
The month is somewhat paradoxical since options and other expirations, as well as profit-taking, put the markets in a state of confusion. Prices reach the final stage of the bull market when short-term holders’ supply reaches the highest cycle.
Bitcoin's $100K Balancing Act
The future of Bitcoin to reach $100,000 still seems very possible, but based on the previous analysis, it needs to sustain the demand of STH and the STH/BTC ratio, and to prevent possible fluctuations in the market.
