Bitcoin price could fast-track to $100K high in November — Analysts

In November 2024, Bitcoin's price experienced a significant surge, surpassing the $90,000 mark on November 13, shortly after Donald Trump's victory in the U.S. presidential election. Analysts, including Ryan Lee, Chief Analyst at Bitget Research, noted that November has historically been a strong month for Bitcoin, with average returns exceeding 44%. Lee projected that if this trend continued, Bitcoin could reach $100,000 before the end of the month. 

This bullish sentiment was echoed by analysts at Bitfinex, who anticipated that Trump's pro-cryptocurrency stance would further drive Bitcoin's adoption in the United States, potentially pushing its price above $100,000 within months. They emphasized the limited downside risk given the current bullish momentum and the avoidance of a recession, which had previously seemed likely. 

Bitcoin achieved a historic milestone by reaching $100,000 for the first time. This achievement was attributed to several factors, including substantial net inflows from spot Bitcoin exchange-traded funds (ETFs) in the U.S., the reduced supply following the April 2024 halving, and increased corporate adoption of Bitcoin. Additionally, Trump's election victory and his favorable stance toward cryptocurrencies contributed to this rally.

These developments underscore the dynamic interplay between political events, market sentiment, and Bitcoin's price trajectory, highlighting the cryptocurrency's responsiveness to both macroeconomic factors and policy shifts.