Originally published on: November 14, 2024
Bitcoin enthusiasts are abuzz with the prediction that the cryptocurrency’s much-anticipated $100,000 all-time high could be on the horizon this November. Analysts are drawing on historical chart patterns and surging investor demand post-election to support this exciting forecast.
BitcoinBTC$90,489 recently surged past the $90,000 milestone on Nov. 13, shortly after the United States presidential election results were announced, with Donald Trump clinching victory.
Chief analyst at Bitget Research, Ryan Lee, highlighted Bitcoin’s remarkable performance this year, with a remarkable over 100% rally that has outperformed traditional financial assets.
Traditionally, November has proven to be a lucrative month for Bitcoin, historically delivering robust returns. Lee confidently stated that Bitcoin could soar to $100,000 before November draws to a close.
According to data from CoinGlass, Bitcoin has already seen a growth of over 20% this month, whereas it typically averages a remarkable 44% monthly return.
Building on this positive sentiment, other experts are also optimistic about Bitcoin’s trajectory heading into 2025. Bitfinex analysts have expressed confidence that Trump’s victory will fuel cryptocurrency adoption in the US, potentially propelling Bitcoin past the $100,000 mark within the next few months. They pointed to anticipated interest rate cuts in the US and reduced supply issuance post the 2024 halving event as key catalysts for Bitcoin’s upward momentum.
However, it’s worth noting that some caution is advised in the crypto market due to escalating leveraged ratios. Kris Marszalek, CEO of Crypto.com, highlighted the concerning levels of borrowed funds being used for trading positions, suggesting a need for deleveraging before Bitcoin can confidently break the $100,000 barrier.
Despite these cautionary factors, the collective optimism surrounding Bitcoin’s potential to hit $100,000 in November is palpable. Stay tuned as this exciting journey unfolds!