As a seasoned researcher with over two decades of experience in the financial markets, I must admit that predicting Bitcoin’s price movements can sometimes feel like trying to catch a greased pig in a hurricane. However, the recent surge in Bitcoin’s price and the historical trends suggest that we might indeed be on the cusp of a significant breakthrough.
Analysts foresee that Bitcoin might reach its record high of $100,000 around November, according to their interpretations of historical trends and increasing investor interest following the elections.
As a crypto investor, I witnessed history in the making when Bitcoin (BTC) soared past its previous record of $90,000 on November 13, an event that transpired mere days following the announcement of Donald Trump’s victory in the 2024 U.S. presidential election.
According to Ryan Lee, the chief analyst at Bitget Research, Bitcoin’s impressive surge of more than 100% this year has significantly outperformed many conventional investment options.
As a seasoned crypto investor, I’ve always found November to be a promising month for Bitcoin’s performance. Currently, it seems that Bitcoin might be heading towards a potential $100,000 mark by the end of this month, as suggested by Lee in his recent conversation with CryptoMoon.
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% 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.”
In contrast to its typical monthly gains of approximately 44%, Bitcoin has soared more than 20% just in the month of November, according to CoinGlass’s findings.
After Bitcoin experienced its strongest weekly gain since the U.S. banking crisis in March 2023, surpassing $90,000 and establishing fresh all-time highs, the analyst made their predictions.
Bitcoin to $100,000 within the next few months — Bitfinex analysts
Other analysts are also bullish on Bitcoin’s price trajectory leading into 2025.
As a crypto investor, I find it intriguing that Bitfinex analysts posit that Trump’s re-election could accelerate cryptocurrency adoption in the U.S., the world’s largest economy. This potential surge could pave the way for Bitcoin to breach the $100,000 mark within a few months, according to their predictions. They shared this insight with CryptoMoon.
“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.”
Looking past Donald Trump’s forthcoming presidency, factors likely to drive Bitcoin’s growth include anticipation for ongoing U.S. interest rate decreases and the reduced emission of new Bitcoins following the 2024 issuance, according to analysts at Bitfinex.
Do crypto markets need deleveraging ahead of Bitcoin’s $100,000 rally?
Although some forecasts are hopeful, it’s possible that the crypto market requires a reduction in leverage (deleveraging) before Bitcoin can reach its predicted peak of $100,000.
Kris Marszalek, the co-founder and CEO of Crypto.com, issued a warning about the escalating leveraged ratios, which indicate the growing use of borrowed funds for trading positions, suggesting they’re becoming too high to be maintained.
Marszalek wrote in a Nov. 12 X post:
“Leverage needs to be cleaned up before attack on $100k. Please manage your risk carefully.”
According to CryptoQuant’s latest findings, the estimated borrowing level for Bitcoin across all crypto trading platforms currently stands at approximately 0.215. This is the highest it has been since October 2023.
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2024-11-14 12:12