Bitcoin’s Impressive 36% Surge in November: Heading Towards $100,000
Bitcoin has surged an impressive 36% this November, placing it among its best-performing months since October 2021. This significant rise has positioned Bitcoin just a stone’s throw away from the $100,000 milestone, with less than 4% left to reach this key psychological level. The month’s strong performance makes November the fourth-best in terms of monthly gains since the major rally in 2021, with Bitcoin’s price closing in on its all-time high.
November’s Surge: A Month to Remember
Bitcoin’s price performance this month has been nothing short of extraordinary. With a rise of 36%, it stands behind only February 2024 (44%), January 2023 (40%), and October 2021 (40%) in terms of monthly gains. As November comes to a close, Bitcoin is sitting at $96,000, after briefly surpassing the $96,000 mark on November 30th, just before the final trading day. The month’s gains have largely been fueled by a number of key catalysts, including increased institutional activity and heightened investor confidence, largely triggered by the outcome of the U.S. presidential election earlier this month.
Quarter Performance & The Path Ahead
Bitcoin is also up 51% for the current quarter, with December yet to come. Historically, Bitcoin has averaged a 5% return in December, potentially taking Bitcoin even closer to the $100,000 mark before year-end. This quarter is shaping up to be the strongest since Q1 2024, which saw a significant 69% rise, leaving many analysts hopeful that Bitcoin will continue this upward trajectory as it heads toward a new all-time high.
Analysts Believe the Bull Run Has More to Offer
With Bitcoin’s momentum still strong, many analysts believe the bull run isn’t over yet. Caleb Franzen, a well-known market analyst, believes there’s more upside left in this current market cycle. According to Franzen, the monthly Relative Strength Index (RSI) for Bitcoin is currently at 75, well below the 90 level typically seen at the peaks of previous bull markets. This indicates that Bitcoin still has room to grow before it reaches an overbought condition, implying there’s still a strong potential for further gains in the coming months.
Historical Parallels with Q4 2020
Bitcoin’s current market structure is showing strong similarities to the bull run of Q4 2020. During that period, Bitcoin experienced strong price appreciation in October and November, followed by a minor correction over Thanksgiving. By the end of 2020, Bitcoin had broken past the psychological barrier of $10,000 and surged to $60,000 by April 2021. This period proved to be a critical turning point for Bitcoin, and many market experts believe Bitcoin could be setting up for a similar move as it continues to trade above key support levels.
The Short-Term Holder Realized Price (STHRP) Supports the Bullish Case
Data from Glassnode indicates that Bitcoin is trading above its Short-Term Holder Realized Price (STHRP), which has historically signaled that the market is in a bull phase. The STHRP represents the average acquisition price for Bitcoin held for less than 155 days, indicating coins that are more likely to be sold. As Bitcoin consistently trades above this level, it supports the idea that the market is in a healthy uptrend, similar to Q4 2020 when Bitcoin’s price continued to rally above its STHRP.
New Participants Entering the Market
Furthermore, there’s growing divergence between the realized price (which includes the average acquisition price of all Bitcoin) and the Long-Term Holder Realized Price (LTHRP), a metric that reflects the average price for Bitcoin held for over 155 days. The divergence suggests that new market participants are entering the space, while long-term holders are realizing profits or adjusting their positions. This shift in market dynamics could provide further support for continued Bitcoin price increases.
Could Bitcoin Hit $100,000 by November 29?
An intriguing historical coincidence suggests Bitcoin might even hit the $100,000 mark on November 29. On November 27, 2013, Bitcoin first reached $1,000, and just four years later, it hit $10,000 on November 28, 2017. With a similar pattern in mind, it’s possible that Bitcoin could hit $100,000 seven years after surpassing $10,000. The growth in Bitcoin’s price and the expanding interest from institutional investors could make this scenario a reality as early as the next few days.
In Conclusion: Bitcoin Eyes $100,000
With strong momentum, increasing institutional interest, and positive market sentiment, Bitcoin is poised to break through the $100,000 threshold in the near future. While November has already proven to be a strong month, December could provide further upside as Bitcoin continues its bullish run. As Bitcoin closes in on these significant milestones, analysts remain optimistic about its long-term potential, suggesting that the current bull market could continue into 2025.
