Bitcoin (BTC) recorded a 129% year-to-date gain, primarily driven by the outcome of the 2024 United States Presidential election and the April 2024 halving event.
According to data from ICO Analytics, Bitcoin also experienced a 37% gain in November 2024. The ICO Analytics data measured monthly Bitcoin performance between 2011-2024 and revealed only three other years where Bitcoin experienced higher percentage gains for November.
These included 2013, with a staggering 459% gain, 2017 at 54%, and 2020, where Bitcoin recorded a 42% gain during the month.
The price performance of the decentralized, supply-capped asset is on schedule with other halving years, in which the price of Bitcoin begins to climb approximately six months after the halving event.
Related: Bitcoin was pronounced dead 415 times, now it battles for $100K
The battle for $100K and beyond
Analysts are patiently eyeing a $100,000 Bitcoin price point, which is an important psychological level. However, the race to $100K is proving easier said than done, with the price of Bitcoin crossing $99,000 on November 22, only to retrace back down to the $96,000-$98,000 range.
On November 29, Bitcoin futures on the Chicago Mercantile Exchange (CME) reached $100,200 for the second time within seven days — prompting analysts to speculate that the spot price could soon rise to that level.
Despite the rising prices of Bitcoin futures, Bitcoin dominance is falling. On November 30, 2024, Bitcoin dominance fell to 56.1%. This signals that Bitcoin investors are taking profits and rotating into altcoins and the potential start of altcoin season.
CEO of Global Macro Investor Raoul Pal recently forecasted a $110,000 local top for Bitcoin that he predicts will occur before the end of January 2025. Pal also predicted that the price of Bitcoin would peak sometime during the end of 2025.
Bitcoin advocate Samson Mow also told Cointelegraph that the $100,000 price level may be the point where the “Omega Candle” manifests. For context, Mow’s “Omega Candle” or “God Candle” refers to an incredibly rapid rise in Bitcoin’s price that could take Bitcoin to $1 million or more per coin.
According to Mow, the price of Bitcoin may rise by as much as $10,000 per day during the Omega Candle era as nation-states, institutions, and retail traders pile into Bitcoin to secure a piece of the pie.
Magazine: Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame
