What happened?
Bitcoin rose 36% in November 2024, making it one of the four months with the largest gains since October 2021.
Based on past data, the current Bitcoin market structure is extremely similar to Q4 2020. If historical trends continue, Bitcoin's bull market has just begun.
Bitcoin Soars 37% in November, Achieving Historic Record
In November 2024, the world's largest cryptocurrency, Bitcoin (BTC), experienced unprecedented strong performance.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin's monthly increase in November reached 37%, making it the 4th largest monthly gain since October 2021 and also the largest single-month price increase in Bitcoin's history. Bitcoin's monthly increase reached $26,400, closing at a new high of approximately $96,400.
The top 3 monthly increases in Bitcoin's history are February 2024 (44%), January 2023 (40%), and October 2021 (40%), with the 4th being November 2024.
It is worth noting that the price performance in 2024 was driven by multiple factors, including the results of the U.S. presidential election and the April Bitcoin halving event, both of which contributed to a strong rebound in Bitcoin's price.
Analysts believe that Bitcoin's rise closely aligns with the historical pattern following halving, indicating that there is likely more room for growth in the future.
Analysts predict that Bitcoin will break through $100,000, potentially leading to a significant rebound by the end of the year.
Currently, Bitcoin's price continues to fluctuate around $97,000, yet it has not been able to break through the $100,000 barrier. Some analysts predict that this threshold may be breached during the Christmas season, or the market may experience a brief pullback, creating opportunities for future increases.
However, most market experts are optimistic about Bitcoin's price in 2025, with some even believing that Bitcoin's price could exceed $250,000.
According to analyst Caleb Franzen, Bitcoin's current market structure is very similar to Q4 2020, when Bitcoin was also hovering around $10,000 before starting a significant surge, ultimately reaching a historical peak of $60,000 in April 2021.
Franzen further points out that Bitcoin's monthly Relative Strength Index (RSI) is currently around 75, not yet entering the overbought zone, suggesting that the market still has room for upward movement.
💡 Relative Strength Index (RSI): A momentum oscillator used to measure the strength of recent price changes of an asset, and one of the most commonly used indicators among traders in today's financial markets. The higher the RSI value, the stronger the buying pressure.
Additionally, data from the platform Glassnode shows that Bitcoin's price is currently above the short-term holder realized price (STHRP), which is seen as a signal for Bitcoin entering a bull market.
💡 Realized Price (RP): Reflects the average on-chain acquisition price for the entire token supply.
According to the situation in Q4 2020, Bitcoin's price steadily rose and effectively maintained above the realized price for short-term holders, providing support for future price increases.
Therefore, some experts predict that Bitcoin may continue this pattern and sustain its upward momentum in the coming months.
As the $100,000 mark approaches, market attention will undoubtedly focus on price trends in the coming months. If Bitcoin can break through this barrier, it may lead to more capital entering the market, potentially driving Bitcoin's price further beyond historical highs.
Reference: Cointelegraph, Cointelegraph, [Coindesk][3]
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