Bitcoin has achieved an impressive 129% year-to-date growth, driven largely by the April 2024 halving event and the influence of the U.S. Presidential election earlier this year.
Data from ICO Analytics shows that November 2024 alone contributed a 37% gain to Bitcoin’s performance. Historical analysis of Bitcoin’s monthly returns from 2011 to 2024 highlights that this year’s November gains are among the highest ever recorded. Only three previous years surpassed this milestone: 2013 with a phenomenal 459% rise, 2017 with 54%, and 2020 with 42%.
Bitcoin’s price trajectory aligns closely with trends observed in past halving cycles. Historically, the asset begins its significant upward momentum approximately six months after a halving event, following a predictable pattern for the supply-limited cryptocurrency.
The Battle for $100K and Beyond
The psychological $100,000 price mark remains a focal point for analysts and traders alike. On November 22, Bitcoin briefly touched $99,000 before retracing to a range between $96,000 and $98,000.
Meanwhile, Bitcoin futures on the Chicago Mercantile Exchange (CME) twice surpassed $100,200 during the last week of November, fueling speculation that the spot price could soon follow suit.
However, Bitcoin dominance has been on a decline, falling to 56.1% as of November 30. This suggests that some investors are taking profits and reallocating funds into altcoins, potentially marking the onset of an altcoin season.
Prominent market voices are weighing in on Bitcoin’s next moves. Raoul Pal, CEO of Global Macro Investor, predicts a local top of $110,000 by January 2025, while forecasting a broader market peak by the end of 2025.
Bitcoin proponent Samson Mow has suggested that the $100,000 level might trigger what he terms the “Omega Candle” or “God Candle” — a rapid and dramatic price surge. According to Mow, this event could see Bitcoin gaining as much as $10,000 per day, driven by aggressive buying from institutions, nation-states, and retail traders.
As Bitcoin’s price continues its ascent, the market is poised for an exciting period, with eyes set on how quickly the $100,000 barrier can be breached — and what lies beyond.
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