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Election Again in the US, Rally Again in Bitcoin: Artificial Intelligence Says This Price Will Come in December! - Coin Bulletin
Spot On Chain predicts that the price could reach $115,000 in December, considering Bitcoin's post-election performance and the 37.3% increase in November.
Bitcoin's notable 37.3% increase in November once again highlighted the impact of election periods on the crypto market. Blockchain analysis platform Spot On Chain made even bolder predictions for December based on this surge.
Bitcoin may experience a strong range after the election
According to Spot On Chain, historical data shows that Bitcoin has gained between 30% and 46% in value in every December following the election month in the US. The platform indicates that this historical trend means that Bitcoin could experience a significant increase in December. In addition, Spot On Chain's $100,000 estimate in April has been updated to $115,000 with the new data.
FOMO effect can support Bitcoin
Spot On Chain states that current market dynamics, especially factors such as increasing demand and fear of missing out (FOMO) among market participants, will support Bitcoin's price. The platform predicts that post-election rallies are consistent with historical trends and that price volatility could strengthen during this period.
In a post in April, the Spot On Chain team mentioned that there could be significant movement in Bitcoin price in the second half of 2024 and they gave a 63% probability for the price to reach $100,000 during this period.