As a seasoned researcher with years of experience tracking and analyzing financial markets, I have witnessed unprecedented events that have left me both awestruck and cautiously optimistic. The recent surge in Bitcoin’s price has been nothing short of extraordinary, marking its largest monthly gain ever at an astounding $26,400. This is a testament to the growing acceptance and recognition of cryptocurrencies as a legitimate asset class.
Bitcoin (BTC) has made history as the largest cryptocurrency seals its largest ever monthly candle.
Bitcoin completes month unlike any other
The data collected from CryptoMoon Markets Pro and TradingView indicates that the largest increase in Bitcoin’s price in a single monthly period has been recorded at approximately $26,400.
In approximately $96,400, the November monthly closure set a fresh historical high for Bitcoin’s value against the U.S. dollar (BTC/USD).
In November 2024, Bitcoin recorded a gain of over 37% at the end of the month, placing it as the second most profitable month for Bitcoin this year thus far.
Responding, economist Carl Menger said that it was “just the beginning” of Bitcoin’s journey.
A chart uploaded to X displayed optimistic indicators on the monthly Relative Strength Index (RSI), suggesting a positive trend.
“Monthly scale breakout confirmation,” popular analyst Aksel Kibar continued in his own X post.
Discussion on whether Bitcoin will hit $100,000 continued, as mentioned by CryptoMoon. Some experts, like Kibar, see this mark not as a meaningful technical or psychological milestone.
Material Indicators, in their recent market analysis, expressed that not reaching the $100k mark as a sign of robustness and longevity for this current market trend.
“It will be interesting to see if $100k comes as a Christmas gift, or if the gift comes in the form of a correction that gives the market a $BTC flash sale.”
$100,000 BTC price target looms
Bitcoin price circled $97,000 into the Dec. 1 weekly close.
As a market analyst, I’ve been closely monitoring lower timeframes and have identified a significant level to watch: $98,500. This is a potential key point where popular trader Skew suggests another push towards six figures could be initiated if successfully breached.
He explained that on the 4-hour chart, we’ve been seeing a continuous upward trend with higher lows, suggesting a solid, sustained uptrend. Additionally, there seems to be a momentum reset followed by an increase in volume at the beginning of the month, which is often referred to as a “monthly open pump.
“Going into next week & weekly open we have a lot to play with. HH above $98.5K would be a trigger to push $100K supply once again.”
Daan Crypto Trades commented, ‘There’s nothing extraordinary to observe here; it’s just the usual market movement over the weekend.’
“Expecting volatility to pick back up after futures re-open.”
A chart provided also showed the last trading price of CME Group’s Bitcoin futures – this could act as a temporary pull for the price in the near future.
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2024-12-01 18:26