Bitcoin Rallies to $93,500 New Record High
14 Nov, 2024 ● Crypto News
Analysts believe that the long-anticipated climb of Bitcoin to a $100,000 all-time high could happen in November, driven by historical chart patterns and increasing investor demand following the recent U.S. elections.
On Nov. 13, Bitcoin surpassed the $90,000 milestone, a little over a week after Donald Trump won the 2024 U.S. presidential election.
According to Ryan Lee, chief analyst at Bitget Research, Bitcoin’s more than 100% rally year-to-date has outperformed most traditional financial assets.
Lee noted that November is typically Bitcoin’s best-performing month, suggesting BTC could reach $100,000 before it ends. He told Cointelegraph:
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% increase from the current price level will push the coin well above the $100,000 target for the month. The post-halving cycle trend is also very positive when projecting the future of Bitcoin.”
Bitcoin is already up over 20% in November, a month that has historically delivered average returns of over 44%, according to CoinGlass data.
The bullish forecast comes after Bitcoin posted its best weekly performance since the U.S. banking crisis in March 2023, soaring past $90,000 and setting new record highs.
Other analysts share this optimism for Bitcoin’s price trajectory into 2025. Bitfinex analysts anticipate that Trump’s victory will accelerate cryptocurrency adoption in the U.S., positioning Bitcoin to break through $100,000 in the coming months. They told Cointelegraph:
“Predicting the price is a difficult bet, but we expect Bitcoin to have limited downside now given the bullish impetus, plus the fact that we avoided a recession, which at one point looked highly plausible. We expect Bitcoin to range and accumulate a bit, and in our view, a target of $100,000 in a few months doesn’t seem too far-fetched.”
Bitfinex analysts also highlighted other key drivers for Bitcoin, including expectations of continued interest rate cuts in the U.S. and reduced supply issuance following the 2024 halving.
Despite the positive outlook, some believe the market may require deleveraging before Bitcoin can surpass $100,000.
Kris Marszalek, co-founder and CEO of Crypto.com, cautioned about rising leverage levels in a Nov. 12 X post:
“Leverage needs to be cleaned up before attack on $100k. Please manage your risk carefully.”
Data from CryptoQuant indicates that the estimated leverage ratio across all cryptocurrency exchanges stands at 0.215, a high last seen in October 2023.
Sources:
https://cointelegraph.com/news/bitcoin-price-fast-track-100k-high-november-analysts
https://www.coinglass.com/today
