With Bitcoin (BTC) price today hovering around $96,539.0 on 11 AM, the talks of alt season or altcoin season has picked up steam. BTC price hit a daily high of $97,010.0 today after a 1.73% move on December 4.
Bitcoin Price Today: Will BTC’s Range Kickstart Alt Season?
Although the mood was dampened yesterday due to the US Government’s $2 billion BTC transfer, the outlooks on Wednesday has improved. Regardless, BTC continues its rangebound movement. Bitcoin price today is up 1.73% and trades at $96,539.0. The recent downtrend hints that BTC has not yet found a stable support level to bounce from, but it could change quickly.
Regardless, the steady downtrend has increased the distance between BTC and $100k, highlighting the case of crypto volatility. Will Bitcoin price today recover or continue its descent?
*bitcoin price updated as of 11 AM.
Value of BTC trades at $96,539.0, bringing the year-to-date gain from 56% on October 20 to 120% as of December 4. The YTD performance has slumped due to the recent BTC crash. Although many altcoins have shot up over triple digits, Bitcoin is catching up. Ethereum price’s YTD performance is lackluster, stands at 45%, and is well below BTC.
Although Bitcoin is the largest cryptocurrency by market capitalization, Bitcoin’s popularity is due to its first-mover advantage and its being a secure, decentralized network. In addition, many narratives, like digital gold, inflation hedges, and uncorrelated assets, have kept BTC at the forefront of the crypto market since its inception in 2009.
Bitcoin to End 2024 on Positive Note
Industry veterans’ speculation of a bull run post-US elections was right, and Bitcoin is likely to end November 2024 on a positive note. Many even expect a six-digit target for BTC by the end of November, and this is due to the historical returns. History shows that Bitcoin has always performed massively in the fourth quarter.
With that said, if Bitcoin price hits a new ATH in November or December, Bitcoin’s market capitalization, which stands at $1,910.9 billion, could finally hit the $2 trillion mark.
Bitcoin’s Market Capitalization
While Bitcoin’s market cap hovers around $1,910.9 billion, with Ethereum, the duo controls nearly 65% of the total cryptocurrency market capitalization. Despite the seven-month consolidation, Bitcoin’s $1.93 trillion market cap remains strong, anticipating it reaching $2 trillion before 2025.
BTC: A composition of 24-hour Trading Volume
Being the top crypto has its benefits; more people tend to flock toward the asset. Likewise, BTC’s 24-hour trading volume stands at $91.4 billion. Binance, one of the largest cryptocurrency exchanges, contributes a major portion of this volume. Binance’s share of BTC’s 24-hour trading volume comprises spot and perpetuals trading. While spot volume hovers around 11%, perpetual volume is 41%. Exchanges like OKX, Bitget, etc, follow Binance.
Key Bitcoin Upgrades
With a market cap of $1.93 trillion, it is necessary for the network to remain secure, decentralized, and scalable. This is possible by upgrading the Bitcoin network regularly.
Here are some notable upgrades the Bitcoin network has received or planned to receive since its inception in 2009.
Bitcoin Network Upgrades Since 2009
Here are some key milestone upgrades to the Bitcoin network over the past decade.
2020-2024:
- Taproot Upgrade (2021): Improved Bitcoin’s smart contract functionality, allowing for more complex transactions and enhanced privacy.Muir Glacier Upgrade (2020): Delayed the “ice age” that would have slowed down the network, ensuring the continued smooth operation of Bitcoin.
2017-2019:
- Segregated Witness (SegWit) Upgrade (2017): Increased the block size limit, allowing for more transactions to be processed on the network, and improved the overall scalability of Bitcoin.
- Schnorr/Tapscript Upgrade (proposed): Aims to further improve the efficiency and scalability of Bitcoin transactions, but has not yet been activated.
- SegWit2x (canceled): A proposed upgrade that aimed to increase the block size limit, but was ultimately canceled due to lack of consensus.
2015-2016:
- Bitcoin Core 0.12.0 Upgrade (2016): Introduced several improvements, including better wallet management and enhanced security features.
- BIP66 Upgrade (2015): Standardized the way Bitcoin transactions are verified, improving the overall security and reliability of the network.
2013-2014:
- Bitcoin Core 0.9.0 Upgrade (2014): Introduced a new wallet format and improved the overall performance of the Bitcoin client.
- BIP0016 Upgrade (2013): Enabled the use of payment protocol, allowing for more efficient and secure transactions.
2010-2012:
- Pay-to-Script-Hash (P2SH) Upgrade (2012): Introduced a new type of transaction that allows for more complex payment scenarios, improving the overall flexibility of the Bitcoin network.
- Bitcoin Core 0.6.0 Upgrade (2011): Introduced several improvements, including better wallet management and enhanced security features.
2009-2010:
- Bitcoin Core 0.3.0 Upgrade (2009): One of the earliest upgrades to the Bitcoin network, introducing several key features and improvements.
Bitcoin Price Forecast For The Next Month
| Date | Price | Change |
|---|---|---|
| December 04, 2024 | 96016.39 | 2.25% |
| December 05, 2024 | 96106.97 | 2.35% |
| December 06, 2024 | 96579.10 | 2.85% |
| December 07, 2024 | 97282.27 | 3.6% |
| December 08, 2024 | 97741.76 | 4.09% |
| December 09, 2024 | 96999.74 | 3.3% |
| December 10, 2024 | 98755.87 | 5.17% |
| December 11, 2024 | 99732.07 | 6.21% |
| December 12, 2024 | 99690.47 | 6.17% |
| December 13, 2024 | 98862.82 | 5.29% |
| December 14, 2024 | 98128.95 | 4.5% |
| December 15, 2024 | 98171.46 | 4.55% |
| December 16, 2024 | 96712.44 | 3% |
| December 17, 2024 | 95440.78 | 1.64% |
| December 18, 2024 | 95782.04 | 2% |
| December 19, 2024 | 97707.61 | 4.05% |
| December 20, 2024 | 99996.21 | 6.49% |
| December 21, 2024 | 102250.22 | 8.89% |
| December 22, 2024 | 103654.59 | 10.39% |
| December 23, 2024 | 103734.58 | 10.47% |
| December 24, 2024 | 103658.63 | 10.39% |
| December 25, 2024 | 104121.06 | 10.89% |
| December 26, 2024 | 104294.30 | 11.07% |
| December 27, 2024 | 104163.75 | 10.93% |
| December 28, 2024 | 103997.31 | 10.75% |
| December 29, 2024 | 104651.27 | 11.45% |
| December 30, 2024 | 107264.36 | 14.23% |
| December 31, 2024 | 109140.14 | 16.23% |
| January 01, 2025 | 109845.40 | 16.98% |
| January 02, 2025 | 109806.17 | 16.94% |
Based on Coingape’s Bitcoin price prediction, investors can expect a double-digit rally that leads to a peak of $108,918 as of December 31. While there may be a brief correction, BTC’s trend remains bullish. Bitcoin Price Forecast Between 2025 and 2029
Bitcoin Price Forecast Between 2025 & 2029
| January | $95,845.91 | $107,479.45 | $101,662.68 |
63.5% |
| February | $96,251.04 | $107,694.53 | $101,972.79 |
64% |
| March | $96,656.17 | $107,909.62 | $102,282.90 |
64.5% |
| April | $97,061.30 | $108,124.71 | $102,593 |
65% |
| May | $97,466.43 | $108,339.79 | $102,903.11 |
65.5% |
| June | $97,871.56 | $108,554.88 | $103,213.22 |
66% |
| July | $98,276.69 | $108,769.97 | $103,523.33 |
66.5% |
| August | $98,681.82 | $108,985.05 | $103,833.44 |
67% |
| September | $99,086.95 | $109,200.14 | $104,143.55 |
67.5% |
| October | $99,492.08 | $109,415.23 | $104,453.65 |
68% |
| November | $99,897.21 | $109,630.31 | $104,763.76 |
68.5% |
| December | $100,302.34 | $109,845.40 | $105,073.87 |
69% |
| All Time | $98,074.13 | $108,662.42 | $103,368.27 |
66.3% |
| January | $103,106.90 | $112,256.62 | $109,939.71 |
76.8% |
| February | $105,911.45 | $114,667.83 | $114,805.56 |
84.7% |
| March | $108,716.01 | $117,079.05 | $119,671.40 |
92.5% |
| April | $111,520.56 | $119,490.27 | $124,537.25 |
100.3% |
| May | $114,325.12 | $121,901.48 | $129,403.09 |
108.1% |
| June | $117,129.67 | $124,312.70 | $134,268.94 |
116% |
| July | $119,934.23 | $126,723.92 | $139,134.78 |
123.8% |
| August | $122,738.78 | $129,135.13 | $144,000.62 |
131.6% |
| September | $125,543.34 | $131,546.35 | $148,866.47 |
139.4% |
| October | $128,347.89 | $133,957.57 | $153,732.31 |
147.3% |
| November | $131,152.45 | $136,368.78 | $158,598.16 |
155.1% |
| December | $133,957 | $138,780 | $163,464 |
162.9% |
| All Time | $118,531.95 | $125,518.31 | $136,701.86 |
119.9% |
| January | $139,801.17 | $144,684.75 | $169,276.92 |
172.3% |
| February | $145,645.33 | $150,589.50 | $175,089.83 |
181.6% |
| March | $151,489.50 | $156,494.25 | $180,902.75 |
191% |
| April | $157,333.67 | $162,399 | $186,715.67 |
200.3% |
| May | $163,177.83 | $168,303.75 | $192,528.58 |
209.7% |
| June | $169,022 | $174,208.50 | $198,341.50 |
219% |
| July | $174,866.17 | $180,113.25 | $204,154.42 |
228.4% |
| August | $180,710.33 | $186,018 | $209,967.33 |
237.7% |
| September | $186,554.50 | $191,922.75 | $215,780.25 |
247.1% |
| October | $192,398.67 | $197,827.50 | $221,593.17 |
256.4% |
| November | $198,242.83 | $203,732.25 | $227,406.08 |
265.8% |
| December | $204,087 | $209,637 | $233,219 |
275.1% |
| All Time | $171,944.08 | $177,160.88 | $201,247.96 |
223.7% |
| January | $212,511.67 | $218,298 | $243,655 |
291.9% |
| February | $220,936.33 | $226,959 | $254,091 |
308.7% |
| March | $229,361 | $235,620 | $264,527 |
325.5% |
| April | $237,785.67 | $244,281 | $274,963 |
342.3% |
| May | $246,210.33 | $252,942 | $285,399 |
359% |
| June | $254,635 | $261,603 | $295,835 |
375.8% |
| July | $263,059.67 | $270,264 | $306,271 |
392.6% |
| August | $271,484.33 | $278,925 | $316,707 |
409.4% |
| September | $279,909 | $287,586 | $327,143 |
426.2% |
| October | $288,333.67 | $296,247 | $337,579 |
443% |
| November | $296,758.33 | $304,908 | $348,015 |
459.8% |
| December | $305,183 | $313,569 | $358,451 |
476.5% |
| All Time | $258,847.33 | $265,933.50 | $301,053 |
384.2% |
| January | $317,150.58 | $326,144.33 | $372,391.92 |
499% |
| February | $329,118.17 | $338,719.67 | $386,332.83 |
521.4% |
| March | $341,085.75 | $351,295 | $400,273.75 |
543.8% |
| April | $353,053.33 | $363,870.33 | $414,214.67 |
566.2% |
| May | $365,020.92 | $376,445.67 | $428,155.58 |
588.7% |
| June | $376,988.50 | $389,021 | $442,096.50 |
611.1% |
| July | $388,956.08 | $401,596.33 | $456,037.42 |
633.5% |
| August | $400,923.67 | $414,171.67 | $469,978.33 |
655.9% |
| September | $412,891.25 | $426,747 | $483,919.25 |
678.4% |
| October | $424,858.83 | $439,322.33 | $497,860.17 |
700.8% |
| November | $436,826.42 | $451,897.67 | $511,801.08 |
723.2% |
| December | $448,794 | $464,473 | $525,742 |
745.6% |
| All Time | $382,972.29 | $395,308.67 | $449,066.96 |
622.3% |
In the next year, aka 2025, Bitcoin price is likely to stay well above the six-digit territory and shows no signs of correction below it. Coingape’s Bitcoin price prediction data reveals a peak of $104,280.26 in February 2025.
Bitcoin Price Forecast Between 2030 and 2050
2030
2031
2032
2033
2040
2050
| January | $465,154.42 | $481,462.17 | $546,469.67 |
779% |
| February | $481,514.83 | $498,451.33 | $567,197.33 |
812.3% |
| March | $497,875.25 | $515,440.50 | $587,925 |
845.6% |
| April | $514,235.67 | $532,429.67 | $608,652.67 |
879% |
| May | $530,596.08 | $549,418.83 | $629,380.33 |
912.3% |
| June | $546,956.50 | $566,408 | $650,108 |
945.7% |
| July | $563,316.92 | $583,397.17 | $670,835.67 |
979% |
| August | $579,677.33 | $600,386.33 | $691,563.33 |
1012.3% |
| September | $596,037.75 | $617,375.50 | $712,291 |
1045.7% |
| October | $612,398.17 | $634,364.67 | $733,018.67 |
1079% |
| November | $628,758.58 | $651,353.83 | $753,746.33 |
1112.4% |
| December | $645,119 | $668,343 | $774,474 |
1145.7% |
| All Time | $555,136.71 | $574,902.58 | $660,471.83 |
962.3% |
| January | $667,167.08 | $691,240.58 | $802,526.58 |
1190.8% |
| February | $689,215.17 | $714,138.17 | $830,579.17 |
1235.9% |
| March | $711,263.25 | $737,035.75 | $858,631.75 |
1281.1% |
| April | $733,311.33 | $759,933.33 | $886,684.33 |
1326.2% |
| May | $755,359.42 | $782,830.92 | $914,736.92 |
1371.3% |
| June | $777,407.50 | $805,728.50 | $942,789.50 |
1416.4% |
| July | $799,455.58 | $828,626.08 | $970,842.08 |
1461.5% |
| August | $821,503.67 | $851,523.67 | $998,894.67 |
1506.7% |
| September | $843,551.75 | $874,421.25 | $1,026,947.25 |
1551.8% |
| October | $865,599.83 | $897,318.83 | $1,054,999.83 |
1596.9% |
| November | $887,647.92 | $920,216.42 | $1,083,052.42 |
1642% |
| December | $909,696 | $943,114 | $1,111,105 |
1687.1% |
| All Time | $788,431.54 | $817,177.29 | $956,815.79 |
1439% |
| January | $946,061.92 | $979,838.83 | $1,150,786.08 |
1751% |
| February | $982,427.83 | $1,016,563.67 | $1,190,467.17 |
1814.8% |
| March | $1,018,793.75 | $1,053,288.50 | $1,230,148.25 |
1878.6% |
| April | $1,055,159.67 | $1,090,013.33 | $1,269,829.33 |
1942.4% |
| May | $1,091,525.58 | $1,126,738.17 | $1,309,510.42 |
2006.3% |
| June | $1,127,891.50 | $1,163,463 | $1,349,191.50 |
2070.1% |
| July | $1,164,257.42 | $1,200,187.83 | $1,388,872.58 |
2133.9% |
| August | $1,200,623.33 | $1,236,912.67 | $1,428,553.67 |
2197.7% |
| September | $1,236,989.25 | $1,273,637.50 | $1,468,234.75 |
2261.6% |
| October | $1,273,355.17 | $1,310,362.33 | $1,507,915.83 |
2325.4% |
| November | $1,309,721.08 | $1,347,087.17 | $1,547,596.92 |
2389.2% |
| December | $1,346,087 | $1,383,812 | $1,587,278 |
2453% |
| All Time | $1,146,074.46 | $1,181,825.42 | $1,369,032.04 |
2102% |
| January | $1,387,378.67 | $1,426,572.58 | $1,647,465.92 |
2549.9% |
| February | $1,428,670.33 | $1,469,333.17 | $1,707,653.83 |
2646.7% |
| March | $1,469,962 | $1,512,093.75 | $1,767,841.75 |
2743.5% |
| April | $1,511,253.67 | $1,554,854.33 | $1,828,029.67 |
2840.3% |
| May | $1,552,545.33 | $1,597,614.92 | $1,888,217.58 |
2937.1% |
| June | $1,593,837 | $1,640,375.50 | $1,948,405.50 |
3033.9% |
| July | $1,635,128.67 | $1,683,136.08 | $2,008,593.42 |
3130.7% |
| August | $1,676,420.33 | $1,725,896.67 | $2,068,781.33 |
3227.5% |
| September | $1,717,712 | $1,768,657.25 | $2,128,969.25 |
3324.3% |
| October | $1,759,003.67 | $1,811,417.83 | $2,189,157.17 |
3421.1% |
| November | $1,800,295.33 | $1,854,178.42 | $2,249,345.08 |
3517.9% |
| December | $1,841,587 | $1,896,939 | $2,309,533 |
3614.7% |
| All Time | $1,614,482.83 | $1,661,755.79 | $1,978,499.46 |
3082.3% |
| January | $1,912,592.58 | $1,975,978.17 | $2,362,093.25 |
3699.3% |
| February | $1,983,598.17 | $2,055,017.33 | $2,414,653.50 |
3783.8% |
| March | $2,054,603.75 | $2,134,056.50 | $2,467,213.75 |
3868.4% |
| April | $2,125,609.33 | $2,213,095.67 | $2,519,774 |
3952.9% |
| May | $2,196,614.92 | $2,292,134.83 | $2,572,334.25 |
4037.4% |
| June | $2,267,620.50 | $2,371,174 | $2,624,894.50 |
4122% |
| July | $2,338,626.08 | $2,450,213.17 | $2,677,454.75 |
4206.5% |
| August | $2,409,631.67 | $2,529,252.33 | $2,730,015 |
4291.1% |
| September | $2,480,637.25 | $2,608,291.50 | $2,782,575.25 |
4375.6% |
| October | $2,551,642.83 | $2,687,330.67 | $2,835,135.50 |
4460.1% |
| November | $2,622,648.42 | $2,766,369.83 | $2,887,695.75 |
4544.7% |
| December | $2,693,654 | $2,845,409 | $2,940,256 |
4629.2% |
| All Time | $2,303,123.29 | $2,410,693.58 | $2,651,174.63 |
4164.3% |
| January | $2,753,723.75 | $2,916,544.25 | $3,019,295.17 |
4756.4% |
| February | $2,813,793.50 | $2,987,679.50 | $3,098,334.33 |
4883.5% |
| March | $2,873,863.25 | $3,058,814.75 | $3,177,373.50 |
5010.6% |
| April | $2,933,933 | $3,129,950 | $3,256,412.67 |
5137.7% |
| May | $2,994,002.75 | $3,201,085.25 | $3,335,451.83 |
5264.9% |
| June | $3,054,072.50 | $3,272,220.50 | $3,414,491 |
5392% |
| July | $3,114,142.25 | $3,343,355.75 | $3,493,530.17 |
5519.1% |
| August | $3,174,212 | $3,414,491 | $3,572,569.33 |
5646.3% |
| September | $3,234,281.75 | $3,485,626.25 | $3,651,608.50 |
5773.4% |
| October | $3,294,351.50 | $3,556,761.50 | $3,730,647.67 |
5900.5% |
| November | $3,354,421.25 | $3,627,896.75 | $3,809,686.83 |
6027.7% |
| December | $3,414,491 | $3,699,032 | $3,888,726 |
6154.8% |
| All Time | $3,084,107.38 | $3,307,788.13 | $3,454,010.58 |
5455.6% |
Roughly five years from now, aka 2030, Bitcoin’s price will see an explosion to the upside, with an all-time high of $774,474 in the aforementioned year. In the same period, BTC could reach a low of $465,154.42. Based on CoinGape predictions, the average price of BTC in 2050 is between $2.9 million and $3.3 million.
Investors should note that these long-term predictions can change and, hence, should be taken with a grain of salt.
Can Bitcoin’s Rangebound Price Action Catalyze Alt Season?
Altcoin Season or Alt Season is when the altcoins start to shoot up with massive volatility. This is a phase of the bull cycle that begins as capital starts to rotate from top coins with relatively lower risk to higher risk cryptocurrencies. Typically, this happens after Bitcoin stops its volatile uptrend and consolidates. This causes the Bitcoin Dominance to drop, which is the market capitalization of BTC relative to the total cryptocurrency market capitalization. A drop in BTC dominance often signals capital rotation.
Charles Edwards of Capriole Fund posted on December 3, that the alt season has begun and that the “Bitcoin dominance” that hit a “multi-year resistance at 60%” is currently getting “rejected on the monthly” time frame.
Edwards added, “As long as this trend change holds, Alts will likely outperform in the near-term.”
Regardless of his optimism, Charles Edwards warns users that for the alt season to remain in full force, Bitcoin should remain “strong” around the $90,000 psychological level. A failure to do so that leads to a strong correction would trigger a substantial correction for altcoins.
To conclude, Edwards noted,
“I expect a BTC breakout (BTC > $100K) will suck the air out of alts short-term as capital flows back to the king and we witness $10K candles.”
Bitcoin Technical Analysis
Bitcoin’s momentum has stalled since November 10, leading to a slow consolidation. After hitting an all-time high (ATH) of $99,690, BTC has shed 8.88% and now trades at $96,539.0.
Key indicators that suggest a continuation of the downtrend:
Potential reversal levels to watch:
A bounce from any of these levels could restart Bitcoin’s uptrend and lead to a retest of the $100,000 psychological level.
-
BTC/USDT 1-day chart On the other hand, if Bitcoin flips the $90,000 psychological level into a resistance barrier, it will invalidate the bullish thesis and attract a massive selling pressure. In such a case, investors can expect a 12% crash to $77,074.
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