Hope is growing: bitcoin may reach $100,000 in November, analysts say!

Hope is growing: bitcoin may reach $100,000 in November, analysts say!

Bitcoin, the world's most famous cryptocurrency, is showing signs of a strong recovery and its price could surpass the magic $100,000 mark in the coming November. This optimistic prediction comes shortly after Bitcoin experienced its best weekly performance since the US banking crisis in March 2023.

Analysts are relying on historical patterns and growing investor demand for cryptocurrencies, which has intensified following the recent election. For example, Bitcoin has already surpassed the $90,000 mark on November 13, which happened just weeks after Donald Trump's victory in the 2024 US presidential election.

According to Ryan Lee, principal analyst at Bitget Research, Bitcoin has risen more than 100% since the beginning of this year, outperforming many traditional financial assets. "November is historically the best month for bitcoin and if history repeats itself, its price could get above $100,000 before the end of the month," Lee said. He further added that if Bitcoin grows 14.7% from its current levels, it will significantly exceed the target amount.

According to data from CoinGlass, Bitcoin has already risen more than 20% during November, with average monthly returns historically exceeding 44%.

Analysts at Bitfinex, another prominent player in the market, are also reacting positively to this optimistic wave. They believe that the Trump administration may encourage widespread adoption of cryptocurrencies in the world's largest economy, which could contribute to the $100,000 mark. "We now expect Bitcoin to evolve with a modified decline and continue to accumulate," the analysts said.

In this context, it should be mentioned that the key factors for Bitcoin's price growth include the expected cut in US interest rates and the upcoming halving, which will reduce the supply of new Bitcoins.

However, although analysts are showing optimism, they also warn of potential risks. Kris Marszalek, co-founder and CEO of Crypto.com, warned that for Bitcoin to break the $100,000 mark, it may first need to stabilize markets and reduce debt levels, which are currently at unsustainable levels.

Whatever the future of Bitcoin unfolds, it is clear that the cryptocurrency market is in an exciting period, and November promises to be a pivotal month for Bitcoin and its investors.

*This is not investment advice.

Coingarage team