Bitcoin (BTC) is currently trading at $97,290, having recorded a 129% increase since the beginning of the year. 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 by 37% in November 2024. This data, which tracks Bitcoin's monthly performance from 2011-2024, shows that there were only three other years in which 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 began to rise about six months after the halving event.

Monthly performance of Bitcoin 2011-2024 | Source: ICO Analytics

The battle for the $100K milestone and beyond

Analysts are patiently monitoring Bitcoin's $100,000 price level, a key 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 | Source: TradingView

On November 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) hit $100,200 for the second time in seven days, leading analysts to predict that the spot price could soon reach this level.

Although the price of Bitcoin futures is rising, Bitcoin's dominance is decreasing. On November 30, 2024, Bitcoin's dominance rate dropped to 56.1%. This indicates that Bitcoin investors are taking profits and shifting to altcoins, potentially signaling the start of an altcoin season.

Raoul Pal, CEO of Global Macro Investor, recently predicted that Bitcoin will reach a local peak of $110,000 by the end of January 2025. He also forecasts that Bitcoin's price will peak at 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 the extremely rapid price increase of Bitcoin, potentially pushing Bitcoin to $1 million or more 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 rush to own a piece of Bitcoin.

Source: https://tapchibitcoin.io/bitcoin-tang-vot-129-tu-dau-nam-nho-su-kien-halving-va-bau-cu-my.html