Bitcoin price may rise to $100K in November – analysts
Analysts are predicting a much-anticipated $100,000 peak in November based on historical chart patterns and growing investor interest after the elections.
Bitcoin (BTC) surpassed a record high of $90,000 on November 13, just over a week after Donald Trump won the 2024 US presidential election.
Ryan Lee, principal analyst at Bitgate Research, said the year-to-date rally of more than 100% outperforms most traditional financial assets.
November is historically known as the best month for Bitcoin returns, and BTC could reach $100,000 before the end of the month, Lee told Cointelegraph.
“If history repeats itself and Bitcoin prices rise as planned, 14.7% from the current price level will put the coin above the $100,000 monthly target. The post-half cycle trend is also very positive when predicting the future of Bitcoin.”
BTC/USD, 1-month chart. Source: Cointelegraph/TradingView
Bitcoin is up more than 20% for the month of November, with historical average returns of more than 44%, according to CoinGlass data.
Bitcoin Average Monthly Returns. Source: CoinGlass
The analyst's forecast comes after bitcoin made its best weekly return since the US banking crisis in March 2023, the world's first cryptocurrency to set new records above the $90,000 mark.
RELATED: 63 US Banks On The Brink Of Bankruptcy: Why Bitcoin's Next Target Is $100K
Bitcoin will reach $100,000 in the next few months – Bitfinex analysts
Other analysts are bullish on Bitcoin's price trajectory heading into 2025.
Bitfinex analysts believe that Trump's victory will boost cryptocurrency adoption in the world's largest economy, setting bitcoin prices above $100,000 a month. Bitfinex analysts told Cointelegraph:
“Predicting the price is a tough bet, but we expect Bitcoin to be limited given its current bullish momentum, plus avoiding the recession that once looked so compelling. We expect Bitcoin to rally and rally a bit, and in our view, a target of $100,000 in a few months is too far.” It doesn't seem like it.
Beyond Trump's presidential election, Bitcoin's main boosters are continued interest rate cuts in the US and an expected decline in Bitcoin supply after the 2024 halving, Bitfinex analysts added.
RELATED: Bitcoin Sets Record for Highest Daily Earnings at $8.4K, Eyeing $90K Milestone
Do crypto markets need to transfer ahead of Bitcoin's $100,000 rally?
Despite the good predictions, the crypto market may need to disperse before Bitcoin crosses the $100,000 peak.
The current leveraged ratio, or the amount of borrowed money used for trading positions, is reaching unsustainable levels, warned Chris Marszalek, co-founder and CEO of Crypto.com.
Marszalek wrote on Nov. October 12 post:
Leverage must be cleared before attacking $100K. Please manage your risk carefully.
Bitcoin: Estimated Usage Ratio, All Exchanges. Source: CryptoQuant
Bitcoin's estimated usage rate across all cryptocurrency exchanges stands at 0.215, indicating a peak in October 2023, according to CryptoQuant data.
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