Bitcoin is yet to break above the anticipated $100,000 milestone as it traded on a correction path for the majority of the just concluded week. However, current market trends suggest that the cryptocurrency will break through this $100,000 psychological threshold very soon. Particularly, past trends, coupled with current market indicators, suggest Bitcoin could be on the brink of a spectacular rally to close out the year.

Historical Post-Election December Rallies: A Bullish Trend

Bitcoin has a history of surging in the month of December following US presidential elections (in November). Notably, the cryptocurrency posted gains of 30.8% and 46.92% after the 2016 and 2020 elections, respectively. Interestingly, you could argue that the ecosystem surrounding the Bitcoin price is in a much better place than those two instances.

There are now Spot Bitcoin ETFs that expose the cryptocurrency to investments from institutional investors, something that was absent in the past two US presidential elections. These inflows from institutional investors have been efficient in gobbling up more Bitcoins, especially during profit-taking periods from both short-term and long-term holders.

November has already been a wonderful month for the Bitcoin price, with it ending the month 38% above where it started. As it stands, the focus is on December to see how well the Bitcoin price performs during the month.

The market sentiment, as measured by the Fear & Greed Index, is currently flashing extreme greed. As noted by crypto analyst Ali Martinez on social media platform X, this level of optimism among investors is reminiscent of the dramatic Bitcoin price rally during its last bull run, where it surged from $15,000 to $57,000 in a matter of we

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Author: Scott Matherson