
November 18, 2024
By Our Correspondent
Analysts anticipate that Bitcoin may reach its long-anticipated all-time high of $100,000 in November, drawing insights from historical chart patterns and an increase in investor interest following the recent elections.
On November 13, Bitcoin (BTC) surpassed its previous record of $90,000, shortly after Donald Trump secured victory in the 2024 United States presidential election. According to Ryan Lee, chief analyst at Bitget Research, Bitcoin’s impressive over 100% rally year-to-date has outperformed many traditional financial assets. November has historically been recognized as a particularly favorable month for Bitcoin returns, and Lee suggests that BTC is on a trajectory to reach $100,000 by the end of the month.
He told media outlets, “If historical trends hold and Bitcoin prices increase as anticipated, a 14.7% rise from the current price would elevate the coin significantly above the $100,000 mark for the month. The trend following the halving cycle also presents a positive outlook for Bitcoin’s future.”
As of now, Bitcoin has already increased by over 20% in November, while historical data from CoinGlass indicates that the cryptocurrency has averaged over 44% in monthly returns during this period. The analyst’s forecasts follow Bitcoin’s strongest weekly performance since the US banking crisis in March 2023, with the cryptocurrency reaching new record highs above the $90,000 threshold. Other analysts share a positive outlook on Bitcoin’s price movement as it approaches 2025.
Analysts from Bitfinex aksi believe that Trump’s election victory will accelerate cryptocurrency adoption in the United States, positioning Bitcoin for a potential rise above $100,000 in the coming months.