Bitcoin Doubled Seven Months After Halving

Bitcoin has achieved a 129% year-to-date increase, largely fueled by the 2024 U.S. Presidential election outcome and the halving event in April 2024.

Data from ICO Analytics highlights a 37% gain for Bitcoin in November 2024.

When comparing Bitcoin’s monthly performance between 2011 and 2024, only three Novembers have seen greater percentage gains: 2013 with an extraordinary 459%, 2017 with 54%, and 2020 with 42%.

This price performance aligns with patterns from previous halving years, where Bitcoin's value typically begins to rise about six months post-halving.

Analysts are closely monitoring the psychological $100,000 price level.

However, reaching this milestone has proven challenging.

On November 22, Bitcoin briefly touched $99,000 before pulling back to trade within the $96,000–$98,000 range.

On November 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) hit $100,200 for the second time in a week, leading to speculation that the spot price might soon reach similar levels.

Despite climbing prices in futures markets, Bitcoin’s dominance has declined.

On November 30, 2024, Bitcoin dominance dropped to 56.1%, suggesting that investors are taking profits and reallocating funds to altcoins—potentially signaling the beginning of an altcoin season.

Raoul Pal, CEO of Global Macro Investor, recently projected a $110,000 local top for Bitcoin by the end of January 2025 and further predicted that Bitcoin’s price will peak toward the end of 2025.

Sources:

https://cointelegraph.com/news/bitcoin-records-129-gain-seven-months-after-halving

https://t.me/ico_analytic/5417

https://www.tradingview.com/chart/g7xkPkTa/?symbol=BITSTAMP%3ABTCUSD