Bitcoin has achieved a remarkable milestone, delivering its largest-ever monthly price increase and smashing records along the way.
Data from TradingView reveals that November saw an unprecedented monthly price gain of $26,400, marking the single largest candle in Bitcoin’s history. The monthly close came in at approximately $96,400, establishing a new all-time high for BTC/USD.
November’s performance was nothing short of spectacular, with Bitcoin rising over 37%—making it the second-best month of 2024 so far.
Economist Carl Menger expressed optimism, suggesting that this is “just the beginning” of Bitcoin’s journey to new heights. A shared chart on X highlighted bullish signals in the monthly relative strength index (RSI), further fueling enthusiasm.
“Monthly scale breakout confirmation,” noted prominent analyst Aksel Kibar, underscoring the strength of Bitcoin’s current uptrend.
$100,000 BTC Price Target Looms
As Bitcoin’s price hovered around $97,000 heading into the first week of December, the elusive $100,000 mark continues to dominate discussions. Traders and analysts remain divided on its significance, with some dismissing it as a mere psychological milestone.
“I see the delay in breaking $100K as a sign of a more sustainable rally,” remarked Material Indicators in their analysis of exchange order book liquidity. The platform speculated whether $100K might arrive as a “Christmas gift” or if the market could instead face a brief correction.
Short-term analysis pointed to $98,500 as the critical resistance level to clear for Bitcoin to make its next big move. Popular trader Skew described the market as being in a “developing uptrend” with higher lows, adding, “A break above $98.5K would likely trigger another push toward $100K.”
Fellow trader Daan Crypto Trades echoed this sentiment, attributing the current lull to weekend trading conditions. “Expecting volatility to pick back up after futures re-open,” he stated, referencing the closing price of CME Group’s Bitcoin futures as a potential short-term price anchor.
Bitcoin’s impressive performance in November has set the stage for an exciting December. Whether the $100K milestone is reached soon or the market takes a breather, all eyes remain on the flagship cryptocurrency.
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