As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends, from the dot-com bubble to the 2008 global financial crisis. However, none have been as intriguing and potentially transformative as the rise of Bitcoin and the decentralized finance (DeFi) ecosystem.
2024 has seen Bitcoin (BTC) surge with a remarkable 129% increase so far, mainly fueled by speculation surrounding the 2024 U.S. Presidential election results and the anticipated April 2024 halving event.
As per the analysis by ICO Analytics, it was found that Bitcoin registered a 37% increase in November 2024. The data from ICO Analytics, which tracks Bitcoin’s monthly performance from 2011 to 2024, indicated that only three other years saw Bitcoin recording higher percentage gains for the month of November.
2013 saw an astounding 459% increase, while in 2017 there was a 54% rise, and in 2020, Bitcoin experienced a 42% growth within the month.
In simple terms, the value increase trend of this decentralized, limited-supply asset follows a pattern similar to previous halving years. Typically, about six months following the halving event, the price of Bitcoin starts to increase.
The battle for $100K and beyond
Analysts are keeping a close watch as Bitcoin approaches the significant price mark of $100,000, but reaching this milestone has turned out to be more challenging than anticipated. After briefly touching $99,000 on November 22nd, Bitcoin’s value dipped back down to between $96,000 and $98,000.
On November 29th, the price of Bitcoin futures traded on the Chicago Mercantile Exchange (CME) hit $100,200 for a second occasion in just seven days, leading financial experts to predict that the actual market value might also reach this level soon.
In contrast to the escalating costs of Bitcoin futures, the prominence of Bitcoin in the crypto market is decreasing. On November 30, 2024, the dominance of Bitcoin dropped down to 56.1%. This suggests that Bitcoin investors are cashing out and shifting their investments towards altcoins, possibly marking the beginning of an ‘altcoin season.’
According to the head of Global Macro Investor, Raoul Pal, he anticipates that Bitcoin‘s local top may reach approximately $110,000 before January 2025 concludes. Additionally, he speculates that the highest point in Bitcoin’s price will occur towards the end of 2025.
Bitcoin advocate Samson Mow also told CryptoMoon that the $100,000 price level may be the point where the “Omega Candle” manifests. For context, Mow’s “Omega Candle” or “God Candle” refers to an incredibly rapid rise in Bitcoin’s price that could take Bitcoin to $1 million or more per coin.
During the time known as the Omega Candle era, according to Mow’s prediction, the value of Bitcoin could potentially increase by up to $10,000 per day. This is due to an anticipated surge in interest from nation-states, institutions, and individual traders who see Bitcoin as a valuable investment opportunity.
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2024-12-01 20:42