Bitcoin (BTC) broke another price resistance on the first day of December, trading as high as $38,839 by press time. The leading cryptocurrency might end 2023 in the ‘green’ if it continues an 8-year pattern observed since 2015.
Interestingly, Bitcoin had a negative Q3 in 2023, with 11.54% accumulated losses. On the other hand, the Q4 has already carved two positive months with a 28.52% October, followed by an 8.81% green November.
As first observed by Zack Voell and reported on X (formerly Twitter), December price action has mirrored November’s since 2015. This means that for every ‘red’ November, there was a negative December in the same year, the opposite also being true.
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Bitcoin price 8-year pattern
Notably, data retrieved by Finbold from CoinGlass show Bitcoin’s monthly returns in these past eight years. In each one of them, December mirrored the results “directional move,” in Voell’s words.
Essentially, 2015, 2016, 2017, and 2020 were bullish years for both November and December. In the meantime, 2018, 2019, 2021, and 2022 were bearish years for both months. It is important to say that these results consider the difference between the month’s opening and closing prices.
With four positive years and four negative years so far, Bitcoin investors now wonder if 2023’s December will mirror November’s price action for the fifth ‘green’ year following this pattern.
For that to happen, BTC must close December above $37,731 — which was its monthly opening price.
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