Originally published on: November 14, 2024
Bitcoin enthusiasts are eagerly anticipating the cryptocurrency’s surge to $100,000, with analysts predicting this milestone could be reached as soon as November. Historical chart patterns and increased investor interest post-elections suggest that Bitcoin’s current rally could see it hit the coveted $100K mark.
Recent data shows that Bitcoin surpassed the $90,000 record high on November 13th, shortly after the 2024 United States presidential election results were announced. This surge has been fueled by a more than 100% year-to-date rally, outshining traditional financial assets, as noted by Ryan Lee, chief analyst at Bitget Research.
November has historically been a strong month for Bitcoin, with the cryptocurrency often delivering impressive returns. Based on current trends, analysts believe BTC is on track to reach $100,000 before the end of the month.
The cryptocurrency has already seen a 20% increase in value in November, exceeding its average monthly return of 44% according to CoinGlass data. This positive trajectory has been further supported by Bitcoin’s bestweekly return since the US banking crisis in March 2023.
Analysts at Bitfinex are also optimistic about Bitcoin’s future, especially following Trump’s victory in the presidential election. They anticipate increased cryptocurrency adoption in the US, leading Bitcoin to break above $100,000 in the coming months.
However, some caution against overly optimistic projections, citing the need for a market deleveraging before Bitcoin can sustainably surpass the $100K threshold. High levels of leveraged trading indicate potential risks, with some experts suggesting a degree of caution in the face of mounting leverage ratios.
Despite these challenges, the overall sentiment remains bullish on Bitcoin’s price trajectory, with many expecting continued growth and new milestones in the near future. Subscribe to our newsletter for more updates on the latest developments in the world of finance and crypto.
