The world’s largest cryptocurrency, Bitcoin (BTC), has its investors on their toes. The asset has been teasing the market as it inches closer to its all-time high of $73,750.07, only to pull back. Amidst this, the community remains optimistic for many reasons.
This includes factors like the upcoming elections, which are expected to catalyze BTC’s rise. In addition, the last quarter of every year has been historically bullish for the king coin. But can Bitcoin close the year on a good note?
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Bitcoin’s Current Scenario
The Bitcoin market increased the entire industry’s hopes as it surged to a high of $73,464. As the community began betting for the king coin to reclaim its previous high, it slid below the $70,000 mark. The asset dropped to a low of $67,591. At press time, BTC was trading at $68,747.17. The asset currently remains over 6% below its all-time high.
But hope was restored in the BTC market. According to a trader, Daan Crypto Trades, Bitcoin volatility has surged to its highest level in three months. This further means that the cryptocurrency’s price might fluctuate by at least 10% based on the outcome of the U.S. presidential election on November 5.
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Year-End Price Prediction
The community has been expecting Bitcoin to move beyond the $80,000 mark this year. It seems like things were falling into place for the king coin. According to data from CoinCodex, BTC will trade at a high of $105,469 during the last month of the year.
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This translates to potential returns of over 50%. During December, the king coin will trade at an average price of $98,076. The lowest BTC will trade at is $88,106, significantly higher than its current price level.
