Bitcoin’s much-awaited $100,000 all-time high could come during November, analysts predict based on historical chart patterns and growing investor demand since the elections.
Bitcoin (BTC) surpassed the $90,000 record high on Nov. 13, just over a week after Donald Trump won the 2024 United States presidential election.
Bitcoin’s over 100% year-to-date rally has outshined most traditional financial assets, according to Ryan Lee, chief analyst at Bitget Research.
November is historically known as the best month for Bitcoin’s returns, and BTC could be on track to $100,000 before the end of the month, Lee told Cointelegraph:
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% from the current price level will push the coin well above the $100,000 target for the month. The post-halving cycle trend is also very positive when projecting the future of Bitcoin.”
BTC/USD, 1-month chart. Source: Cointelegraph/TradingView
Bitcoin is already up over 20% for the month of November when it has historically averaged over 44% monthly returns, CoinGlass data shows.
Bitcoin average monthly returns. Source: CoinGlass
The analyst’s predictions come after Bitcoin staged the best weekly return since the US banking crisis of March 2023, with the world’s first cryptocurrency topping the $90,000 level to set new record highs.
Related: 63 US banks on the brink of insolvency: Why Bitcoin’s next target is $100K
Bitcoin to $100,000 within the next few months — Bitfinex analysts
Other analysts are also bullish on Bitcoin’s price trajectory leading into 2025.
Bitfinex analysts believe that Trump’s victory will spur cryptocurrency adoption in the world’s largest economy, setting up Bitcoin for a break above $100,000 within months. Bitfinex analysts told Cointelegraph:
“Predicting the price is a difficult bet, but we expect Bitcoin to have limited downside now given the bullish impetus, plus the fact that we avoided a recession, which at one point looked highly plausible. We expect Bitcoin to range and accumulate a bit, and in our view, a target of $100,000 in a few months doesn’t seem too far-fetched.”
Beyond Trump’s upcoming presidency, Bitcoin’s main catalysts include expectations of continued interest rate cuts in the US and Bitcoin’s reduced supply issuance after the 2024 halving, Bitfinex analysts added.
Related: Bitcoin sets record in best daily gains at $8.4K, eyes $90K milestone
Do crypto markets need deleveraging ahead of Bitcoin’s $100,000 rally?
Despite optimistic predictions, the crypto market may need deleveraging before Bitcoin can surpass the $100,000 high.
The current leveraged ratios, or the amount of borrowed funds used for trading positions, is reaching unsustainable levels, warned Kris Marszalek, the co-founder and CEO of Crypto.com.
Marszalek wrote in a Nov. 12 X post:
“Leverage needs to be cleaned up before attack on $100k. Please manage your risk carefully.”
Bitcoin: Estimated leverage ratio, all exchanges. Source: CryptoQuant
Bitcoin’s estimated leverage ratio across all cryptocurrency exchanges stood at 0.215, which marks a high last seen in October 2023, CryptoQuant data shows.
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