Those who are passionate about Bitcoin (BTC) are keeping a careful eye on historical trends that indicate December may be another positive month for the largest cryptocurrency in the world as the year comes to an end.
When the seasonality of Bitcoin is examined, it is clear that December usually closes higher if October and November close higher. Similar trends over the last ten years have been revealed by historical data, therefore this tendency is not new.
In 2015, Bitcoin had a 14.1% increase in December following favourable closes in October and November at 33.1% and 19.8%, respectively. Even greater gains were made in 2016 and 2017, with positive returns in December of 29.2% and 38.8%, respectively. 2020 saw a steady historical pattern as BTC surged by 47.8% in December, following increases of 28.1% and 42.9% in October and November.
It might be claimed that the cryptocurrency scene was very different, akin to the “Wild West,” with unparalleled price changes, such as a startling 453.9% spike in November of that year. Of course, there are exceptions, such 2013, when Bitcoin saw a 33.2% decline in December.
BTC has been rising steadily this year; by the end of October, it had gained 28.5%, and by November, it was expected to have increased by 7.18%.
According to statistics, the last quarter of the year has historically been one of the most favourable for the cryptocurrency market. Right now, the year is potentially ending on a positive note for the eighth time in the last thirteen years as the fourth quarter of 2023 closes with a noteworthy gain of 37.7%.
With this historical perspective, the cryptocurrency world is closely watching Bitcoin to see if the trend will continue, which will make December 2023 a memorable month for fans of the coin.
