BTC’s December Performance

Data shows that despite recent sell-offs, Bitcoin has still gained approximately 50% in Q4 2024. While short-term price action may show volatility, Bitcoin’s bull market scenario remains firmly intact.

Currently trading around $15,000 below last week’s all-time high, BTC is just 2.4% below its opening price for December.

A Critical Trendline for Bitcoin

Popular analyst Titan of Crypto noted that as long as Bitcoin holds above a crucial rising trendline, there is no reason to worry. He referred to this level as Bitcoin’s “most critical support.”

Historical data from CoinGlass suggests that 2024 has been an average year so far in terms of December performance. Compared to December 2023, this year’s market movements lag slightly behind.

Some analysts have drawn parallels between this year’s price action and Q4 of 2023, suggesting a potential fractal pattern in the market. Analyst Nestay commented that the 2024 market structure appears to be repeating the patterns of 2023.

Short-Term Holders Under the Spotlight

Analyst Bitcoindata21 suggested that, as in two previous market corrections, Bitcoin may find support and rebound once it reaches the realized price level of short-term holders.

This realized price level, currently at approximately $86,000, represents the average cost basis at which short-term investors break even.

However, analyst On-Chain College issued a word of caution. He noted that any price drop above this Short-Term Holder Cost Basis (STHCB) is “noise.” But if this level is lost and cannot be reclaimed, it would warrant further evaluation.

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