Bitcoin ($BTC) soared by 37.3% in November 2024, a significant rally coinciding with the U.S. election month.
Historically, December following election months has seen Bitcoin rise by 30%–46%, supporting projections that the cryptocurrency could surpass $100,000. Recent FOMO-inducing developments suggest an even more ambitious target of $115,000 by the end of the month.
Institutional players are at the forefront of Bitcoin’s bullish momentum. MicroStrategy announced plans to acquire an additional 15,400 BTC for $1.5 billion at an average price of $95,976 per coin.
This brings the firm’s total Bitcoin holdings to 402,100 BTC, acquired at an average cost of $58,263, with an investment of $23.4 billion.
Over the past month, MicroStrategy’s Bitcoin holdings have surged in value by $21.5 billion, reflecting the cryptocurrency’s strong performance.
https://twitter.com/WuBlockchain/status/1863570956977127728?s=19
The Bitcoin market’s inability to absorb such massive purchases without driving prices higher makes continued returns almost inevitable. A break above $100,000 would push Bitcoin into uncharted territory, triggering further price discovery and potentially amplifying gains.
More Institutional Interest On Bitcoin
Meanwhile, MARA Holdings, a leading Bitcoin mining company, announced a $700 million offering of zero-coupon convertible senior notes (due 2031), supplemented by $105 million in options. Most proceeds are earmarked for Bitcoin acquisitions, signaling long-term confidence in the asset’s growth.
In ETF activity, last week saw a $138 million net outflow from Bitcoin spot ETFs, the first after seven weeks of consecutive inflows. However, BlackRock’s IBIT ETF continued its robust performance, recording a weekly net inflow of $405 million.
https://twitter.com/WuBlockchain/status/1863434492620554506?t=qEECKLWT7ccgGu_VIlcFpw&s=19
With increasing institutional adoption and favorable historical patterns, Bitcoin appears poised for a transformative December, potentially shattering previous price records and solidifying its role as a leading asset in global markets.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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