Bitcoin (BTC) Price Could Potentially Hit 41k in December – Here’s Why

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Bitcoin (BTC) has revisited its yearly high, touching approximately $38,377 in the last 24 hours, signaling a robust bullish momentum. As November draws to a close, the cryptocurrency is poised to conclude its third consecutive month on a high note, with buying activity surpassing short-selling pressures.

The gap between Bitcoin’s spot price and its futures contracts continues to expand, particularly on the Chicago Mercantile Exchange (CME), where futures are trading above $39,000. This trend is largely attributed to heightened interest from institutional investors, which has effectively countered the selling pressure from Bitcoin miners observed in recent weeks.

Anticipated Breakout to $41,000

Bitcoin has flirted with the $38,000 mark several times recently, seemingly on the cusp of breaking the $40,000 barrier. Despite regulatory challenges in the United States, renowned crypto analyst Captain Faibik predicts a surge to $41,000 in December, contingent on a macro ascending triangle pattern breakout. This pattern typically precedes a sharp, bullish movement.

The market remains cautiously optimistic as the U.S. Securities and Exchange Commission (SEC) has postponed its decision on the spot Bitcoin ETF proposed by Franklin Templeton. Despite this delay, the $1.5 trillion fund manager has submitted a revised proposal. The SEC’s final verdict on the 21Shares and Ark spot Bitcoin ETF is expected by January 10, 2024, with experts suggesting approval could be imminent.

Recent on-chain data reveals a noteworthy trend: Bitcoin’s overall supply on cryptocurrency exchanges has plunged by another 5.38 percent, reaching its lowest since December 2017. This decreased supply on exchanges could contribute to the current bullish sentiment in the Bitcoin market.