Bitcoin is Showing Strongest Growth Since March

According to analysts at Bitfinex, October and November have seen the strongest growth for Bitcoin in the last six months.

A similar surge in buyer activity was also observed in March. However, there are concerns that this upward trend may lead to a sharp downfall, as noted by the report authors.

They predict that capitulation, a sudden drop in prices, may occur by the end of December or early January.

The expected bottom for BTC is around $31,000, but a drop to $29,000 is possible if long-term investors start to sell.

This was seen at the beginning of 2020. In contrast, Santiment predicts that the market will continue to be dominated by a bullish trend in the coming weeks.

This trend began at the end of November, when there was an increase in addresses controlling at least 100 Bitcoins making purchases.

Furthermore, since mid-November, another 48 wallets with a balance of 100 or more Bitcoins have been created on the network.