Bitcoin is on the verge of breaking the psychological barrier of $100,000 as it approaches the end of November. The cryptocurrency has seen a remarkable 36% increase this month, making it one of the strongest performing months in several years. This surge in November can be attributed to Donald Trump’s victory in the U.S. presidential election earlier in the month.
With just two days left in the month, Bitcoin is already up 51% for the quarter, with December still to come. Historically, December returns around 5% on average, so there is still potential for further gains in the coming month. Analysts are optimistic about Bitcoin’s future, with Caleb Franzen noting that the current bull market still has room for growth based on the monthly RSI indicator.
Comparisons have been drawn between the current market structure and that of Q4 2020, where Bitcoin experienced a similar pattern of strong gains in October and November followed by a correction. Glassnode data suggests that Bitcoin is in a bull market when it is above the short-term holder’s realized price (STHRP), which was a key support level during Q4 2020.
There is also a growing divergence between the realized price and the long-term holder realized price (LTHRP), indicating that new participants are entering the market while long-term holders are realizing profits. This trend suggests that Bitcoin could continue to rise in the coming months.
Interestingly, there is a small data point suggesting that Bitcoin could hit $100,000 on November 29. Bitcoin first reached $1,000 on November 27, 2013, and four years later, it hit $10,000. Could we see $100,000 just seven years after that milestone?
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