This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Bitcoin has experienced a significant surge in price in recent weeks, surpassing previous resistance levels and reaching new yearly highs. The price increase can be attributed to a combination of hype around spot Bitcoin ETFs and increased activity among large holders. On-chain data from Santiment shows that the number of wallets holding more than 100 BTC has been steadily increasing for the past four weeks.In October, Bitcoin saw unprecedented gains, leading to an increase in the number of wallets holding between 100 and 1,000 BTC. This trend continued as Bitcoin’s price climbed to $30,000. However, there was a brief period of profit-taking in mid-November, resulting in a drop in the number of large wallets. But by mid-November, the number of whale addresses holding 100 BTC or more started to rise again, with 48 of these wallets returning in the past four weeks.December has historically been a mixed month for Bitcoin’s performance. However, considering the recent price gains in October and November, there is a possibility of another spike in December. If history repeats itself, Bitcoin could reach above $55,000 before the end of the year.The recent price rally in Bitcoin is different from past rallies because potential catalysts such as the next halving and the launch of spot Bitcoin ETFs in the US are yet to happen. This reinforces the position of many crypto analysts who predict that the current price surge is just the beginning of a prolonged bull run that will continue through 2024.Currently, Bitcoin is trading at $43,767, with some analysts suggesting a possible price pullback to the $37,000 support zone based on the TD Sequential indicator. However, the exact timing of this correction is uncertain.