Analysts predict Bitcoin’s highly anticipated $100,000 all-time high could arrive in November, driven by historical chart trends and rising demand since the recent U.S. election.
Bitcoin reached a new record high of $90,000 on Nov. 13, just over a week after Donald Trump’s 2024 presidential election win.
With a more than 100% rally year-to-date, Bitcoin has outperformed most traditional financial assets, noted Ryan Lee, chief analyst at Bitget Research.
Lee pointed out that November historically yields the highest returns for Bitcoin, suggesting BTC could hit $100,000 before the month’s end.
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% increase 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,” Lee explained to Cointelegraph.
CoinGlass data indicates Bitcoin is already up over 20% this month, with November typically bringing in over 44% average monthly returns.
Bitcoin’s strong performance comes after the best weekly return since the March 2023 U.S. banking crisis, with BTC surging past $90,000.
Other analysts, including those from Bitfinex, remain bullish on Bitcoin’s price path into 2025.
They believe Trump’s victory could accelerate crypto adoption in the U.S., setting Bitcoin on course for $100,000 in the coming months.
“Predicting the price is a difficult bet, but we expect Bitcoin to have limited downside now given the bullish impetus. A target of $100,000 in a few months doesn’t seem too far-fetched,” Bitfinex analysts told Cointelegraph.
Key drivers include anticipated U.S. interest rate cuts and Bitcoin’s decreased supply after the 2024 halving, according to Bitfinex analysts.
Despite optimism, Crypto.com CEO Kris Marszalek cautioned that the market may need deleveraging, as current leveraged trading positions have reached potentially unsustainable levels.
