Bitcoin reaches $39k and starts last month of the year on a positive note

On the first day of December, Bitcoin crossed the $39k mark on several crypto platforms. The last month of the year starts off on a positive note. Analysts agree to expect a rally above $40k, but are unsure where it will end.

2023 looks to be another fantastic year for crypto. Since the beginning of the year, Bitcoin has already risen by 130%.

Whales are accumulating

According to Bitinfocharts, many new (probably institutional) investors have now joined into the buying spree. Bitcoin Whales in particular have been stirring since the largest digital coin has traded above $35k in recent weeks.

#Bitcoin still fighting resistance here and grinding upwards.

At some point there will be one of those harsh corrections of 10-15% on #Bitcoin in one-go, those are opportunities.

Buy the dip until we’ll reach $45k. pic.twitter.com/OVXkCYOAAA

— Michaël van de Poppe (@CryptoMichNL) December 1, 2023

One anonymous wallet has purchased around $400 million worth of Bitcoin in the last three weeks alone. Many believe these new addresses belong to Wall Street companies that believe an ETF approval will quickly push the price of Bitcoin above $50k.

Neutral

December is normally a neutral month for Bitcoin, but in years when the price is very bullish (in the last ten years we think of 2017, 2020, 2021 and also 2023) Bitcoin tends to rise very sharply in December.

“In terms of seasonality, December is considered a relatively neutral month of the year, adding half the time over the past 12 years,” said Alex Kuptsikevich, an analyst for FxPro.

“The average gain is 30.8%, while the average decline is 12.8%.”