Bitcoin (BTC) is currently trading at $97,290, having recorded a 129% increase year-to-date. This growth is primarily driven by the results of the 2024 U.S. presidential election and the halving event in April 2024.
According to data from ICO Analytics, Bitcoin increased 37% in November 2024. This data, tracking Bitcoin's monthly performance from 2011-2024, shows that there are only three other years when Bitcoin had a higher percentage increase in November, including 2013 with a 459% increase, 2017 with 54%, and 2020 with 42%.
The price performance of this decentralized asset is following the pattern of previous halving years, when Bitcoin's price started to rise about six months after the halving event.
Bitcoin's monthly performance 2011-2024
The battle for the $100K mark and beyond
Analysts are patiently monitoring Bitcoin's $100,000 price, a significant psychological milestone. However, reaching $100K is not easy, as Bitcoin's price surpassed $99,000 on November 22 but then dropped back to around $96,000-$98,000.
Daily BTC price chart
On November 29, the Bitcoin futures contract on the Chicago Mercantile Exchange (CME) reached $100,200 for the second time within a week, prompting analysts to predict that the spot price could soon reach this level.
Although Bitcoin futures prices are rising, Bitcoin's dominance is decreasing. On November 30, 2024, Bitcoin's dominance rate fell to 56.1%. This indicates that Bitcoin investors are taking profits and shifting to altcoins, potentially marking the beginning of an altcoin season.
Raoul Pal, CEO of Global Macro Investor, recently predicted that Bitcoin will reach a local peak of $110,000 before the end of January 2025. He also predicts that Bitcoin's price will peak by the end of 2025.
Analyst Samson Mow also believes that the $100,000 price could be the point where the 'Omega Candle' appears. Mow's 'Omega Candle,' also known as the 'God Candle,' refers to Bitcoin's extremely rapid price increase, which could drive Bitcoin to $1 million or higher per coin.
According to Mow, Bitcoin's price could rise by up to $10,000 per day during the Omega Candle period as countries, institutions, and retail investors flock to Bitcoin to own a piece.
