According to Odaily, Bitcoin concluded November on a high note despite experiencing some brief turbulence earlier in the month. The cryptocurrency faced its most significant correction since the U.S. elections, dropping by 8.64% to $90,911. However, it quickly rebounded, setting a record monthly closing price of $96,506. By the end of November, Bitcoin had surged by an impressive 37.3%, marking it as the second-best month of 2024 so far. This remarkable performance underscores Bitcoin's robust momentum as it enters December in a favorable position.
Historically, December has been a volatile month for Bitcoin, but during years following a halving event, the asset has averaged returns of 38.86%. Given the current bullish dynamics, Bitcoin is poised for further gains, although short-term fluctuations may occur. Any temporary pullbacks could be triggered by ETF fund outflows and profit-taking by long-term holders (LTH). Interestingly, the supply held by short-term holders (STH) is nearing its cycle peak at 3,282,000 BTC. Historically, the final stages of a bull market begin when STH supply surpasses the pre-halving cycle peak. This shift indicates increasing retail participation but also highlights the market's reliance on incoming demand to absorb LTH profit-taking. If short-term holder demand can meet the supply from long-term holders, Bitcoin could surpass the $100,000 mark.