Christmas Rally Bells Ringing in Bitcoin: 6 Times in 8 Years! Expected Again! - Coin Bulletin

Bitcoin, aiming for $120,000, rose above $106,000 with the traditional December uptrend.

Bitcoin (BTC) surpassed $106,000 on the first trading day of the week, reaching a new record level. Analysts attribute this rise to the decreasing political uncertainties in the US and the increasing institutional investments in Bitcoin ETFs. Speculations about the newly elected US president, Donald Trump, establishing a federal Bitcoin reserve are also highlighted as important factors supporting the price increase.

The billions of dollars worth of Bitcoin purchases by companies like Riot Platforms and MicroStrategy have also strengthened the market's upward momentum. Augustine Fan, the head of SOFA Research, stated the following regarding the matter:

The interest of traditional financial institutions in Bitcoin has been the biggest driving force behind price movements in this cycle. As the political environment and institutional policies change, this impact will increase even more.

**"**Santa Claus Rally" in Bitcoin sounds

According to historical data, December is known as one of the strongest performing periods for Bitcoin. In the past eight years, Bitcoin has closed December positively six times, with these increases ranging from 8% to 46%. Particularly, 2020 stood out with a 46% increase. This period is referred to as the 'Santa Claus Rally' and is often associated with investor demand brought on by the end-of-year holiday season. Please provide the source text to be translated. Technical analyses indicate the formation of a bullish flag pattern in the Bitcoin price. This formation suggests that the price may continue its upward movement in the near future. Some analysts predict that Bitcoin could surpass the $120,000 level by the end of 2024.