Originally published on: November 14, 2024
Bitcoin enthusiasts are eagerly anticipating the cryptocurrency’s climb to $100,000, with analysts forecasting a potential breakthrough in November. Drawing insights from historical price patterns and escalating investor interest post-elections, experts believe that Bitcoin could reach this significant milestone by the end of the month.
Having already shattered the $90,000 barrier on November 13, Bitcoin’s impressive year-to-date surge of over 100% has outperformed traditional financial assets. Ryan Lee, Chief Analyst at Bitget Research, emphasizes that November typically delivers the best returns for Bitcoin, indicating a clear path to the coveted $100,000 mark.
As illustrated by the BTC/USD one-month chart, Bitcoin is on an upward trajectory, showing a monthly increase of over 20%. Such growth contrasts with the average monthly return of 44% historically recorded by CoinGlass data. The recent surge in Bitcoin’s value signals a bullish outlook for the cryptocurrency’s future.
Analysts at Bitfinex echo this sentiment, attributing Bitcoin’s bullish trend to factors such as Trump’s victory and the anticipation of further interest rate cuts in the US. Additionally, the reduced supply issuance post the 2024 halving event is anticipated to drive Bitcoin towards surpassing the $100,000 milestone in the coming months.
However, optimism surrounding Bitcoin’s price surge is accompanied by a cautious note from Kris Marszalek, CEO of Crypto.com. Warning against unsustainable leverage ratios in the market, Marszalek highlights the need for deleveraging before Bitcoin can ascend to new heights. The current leverage ratio across cryptocurrency exchanges has reached levels last seen in October 2023, indicating a potential hurdle in Bitcoin’s price acceleration.
While the road to $100,000 might have its challenges, the overall sentiment remains positive among analysts and investors. As Bitcoin continues its upward trajectory, all eyes are on November’s performance, eagerly awaiting a potential surge towards the highly anticipated $100,000 mark. Stay tuned for more updates on Bitcoin’s price journey and the evolving cryptocurrency landscape.
