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As the final month of the year approaches, crypto-enthusiasts are buzzing with anticipation&nbsp;of a potential &#8216;Bitcoin Santa Claus rally&#8217;, reminiscent of the price boosts witnessed in 2013 and 2017.



What Happened: The term &#8220;Bitcoin Santa rally&#8221; is fast becoming a hot topic on various social media platforms. This follows a 10% increase in Bitcoin&#8217;s BTC/USD value over the past month and a 128% rise in the past year, Bitcoin.com <a href="https://news.bitcoin.com/hopeful-bitcoin-enthusiasts-anticipate-a-santa-claus-rally-echoing-past-holiday-season-surges/">reported</a>. The theory suggests that akin to the stock market&#8217;s &#8220;Santa Claus Rally,&#8221; Bitcoin&#8217;s market value could experience a festive season uplift.



Proponents point to two previous occurrences. In December 2013, Bitcoin surged from under $1,000 to $1,147 per coin. The subsequent rally took place during the 2017 holiday season, with Bitcoin&#8217;s trading value soaring from $8,500 to almost $20,000.



See Also:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35937207/dogecoin-to-the-moon-analyst-signals-potential-surge-in-doge-amidst-100k-transactions-spik?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin To The Moon? Analyst Signals Potential Surge In DOGE Amidst $100K+ Transactions Spike</a>



Contrarily, the 2021 holiday season saw Bitcoin&#8217;s price peak at $69,000 in November, followed by a December slump. By the end of the year, Bitcoin struggled to hold a $46,000 value, questioning the consistency of a Santa rally.



Nonetheless, the idea of a Bitcoin Santa rally continues to pique interest. Google Trends shows the search term &#8220;Bitcoin Santa rally&#8221; hitting&nbsp;a score of 100, the&nbsp;maximum possible rating, on November 20, 2023.



Despite high interest, the potential for a rally remains uncertain. Factors such as reduced trading volumes over the holiday season and speculation of a significant rally coinciding with next year&#8217;s anticipated halving event could impact the outcome.



Why It Matters: Earlier it was suggested that a potential <a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35564716/is-bitcoin-on-track-for-a-santa-claus-rally-heres-what-matrixport-is-predicting">&#8220;Santa Claus Rally&#8221; in the crypto sector</a> might be a reality from early November to mid-December. 



Cryptocurrency services firm&nbsp;Matrixport&nbsp;has suggested that Bitcoin may reach $56,000 by the end of the year, drawing parallels to its historical performance and potential future outcomes. Markus Thielen, Matrixport&#8217;s Head of Research and Strategy, pointed out a &#8220;71% chance or five in seven that Bitcoin would finish the year higher with average year-end rallies of +65%,&#8221; if Bitcoin&#8217;s value increased by at least 100% by this time of the year. 



Read Next:&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/11/35741658/bitcoin-ethereum-dogecoin-rally-keeps-weekend-momentum-intact-analyst-sees-apex-crypto-fla?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Rally Keeps Weekend Momentum Intact — Analyst Sees Apex Crypto Flashing Signal That Sparked 400% Surge</a>



Image via Shutterstock




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As the final month of the year approaches, crypto-enthusiasts are buzzing with anticipation&nbsp;of a potential &#8216;Bitcoin Santa Claus rally&#8217;, reminiscent of the price boosts witnessed in 2013 and 2017.

Can Bitcoin Repeat History? Crypto Enthusiasts Optimistic For A Santa Claus Rally This Holiday Season 

Benzinga Neuro

As the final month of the year approaches, crypto-enthusiasts are buzzing with anticipation&nbsp;of a potential &#8216;Bitcoin Santa Claus rally&#8217;, reminiscent of the price boosts witnessed in 2013 and 2017.

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