Bitcoin has surged by 129% in 2024, driven by the April halving event and the U.S. Presidential election.
Bitcoin has surged by 129% in 2024, driven by the April halving event and the U.S. Presidential election. ICO Analytics data shows Bitcoin gained 37% in November alone, making it one of its strongest Novembers. Only three years—2013 with a 459% increase, 2017 with 54%, and 2020 with 42%—saw higher November gains. Historically, Bitcoin prices tend to climb about six months after a halving event, aligning with the current market trend.
Despite its strong performance, Bitcoin has faced challenges in reaching the $100,000 milestone. On Nov. 22, its price briefly touched $99,000 before retreating to the $96,000-$98,000 range. However, Bitcoin futures on the Chicago Mercantile Exchange (CME) crossed $100,200 twice in a week, sparking speculation about an imminent spot price increase. As of Nov. 30, Bitcoin dominance fell to 56.1%, a sign that investors are rotating profits into altcoins, possibly marking the start of an altcoin season.
According to CryptQuant, less than 2.5 million Bitcoin remain available on exchanges, emphasizing its scarcity. Analysts are optimistic about further price increases. Raoul Pal, CEO of Global Macro Investor, predicts a local top of $110,000 by January 2025 and a larger peak later in the year. Bitcoin advocate Samson Mow has suggested that reaching $100,000 could ignite the "Omega Candle," a rapid price surge potentially adding $10,000 daily, driven by heightened demand from traders, institutions, and even governments. Mow speculates this could push Bitcoin’s value to $1 million or higher.
The cryptocurrency's year-to-date performance aligns with its historical patterns during halving years, where reduced mining rewards contribute to supply scarcity and rising demand. November’s gain further solidifies Bitcoin's reputation as a resilient digital asset with a growing appeal among both institutional and retail investors. Market watchers closely monitor its next move as it fluctuates around $97,544.56.
Bitcoin’s price action has also highlighted its role in the broader market. The reduced supply, increased adoption by institutions, and continued interest from retail investors underline its significance as a scarce, decentralized asset. The market is now eyeing whether the cryptocurrency can sustain its momentum to achieve new highs, while altcoins appear poised to benefit from Bitcoin’s recent dominance decline.
This year’s halving and the global economic backdrop have reinforced Bitcoin’s status as a critical player in the evolving financial landscape, making its journey toward potential milestones a focal point for traders and analysts alike.
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