The analyst’s projections were provided shortly after Bitcoin produced the best weekly upside since the 2023 American banking catastrophe. Analysts forecast that Bitcoin is about to hit its all-time high of $100,000 in November, backed by previous trends on the chart, as well as the increasing numbers of investors following the elections.
Bitcoin BTC tickers down $88,187 again extended past the $90,000 mark, reaching the record high on November 13, the week after Donald Trump emerged victorious in the 2024 United States presidential election.
Read also: US Election Showdown & Fed Rate Cut: 5 Key Bitcoin Insights This Week
Bitcoin has posted a more than 100% YTD (year-to-date) return, which puts it beyond most traditional financial assets, noted Ryan Lee, Chief Analyst at Bitget Research.
Historical November Trends Support Bitcoin Surge
November is historically known as the best month for Bitcoin’s returns, and BTC could be on track to $100,000 before the end of the month. Lee told Cointelegraph:
“Should history repeat itself, therefore, and the Bitcoin prices rise as predicted, a 14.7% increase from the present price level will take the coin way past $100,000 by the end of the month. According to this post-halving cycle trend, the future look of Bitcoin is also looking very bright.”
Bitcoin is up over 20 percent for November, despite the asset having typically logged over 44 percent monthly gains on average throughout history, according to data from CoinGlass. It posted the strongest weekly rise since the US banking crisis in March 2023 and spiked through $90,000 for the first time.
Bitcoin to $100,000 Within the Next Few Months — Bitfinex Analysts
Current analysts are also optimistic about how the prices of Bitcoin are expected to perform up to the financial year 2025. Bitfinex analysts told Cointelegraph:
“Pricing is more challenging to forecast; nonetheless, we believe that Bitcoin has a comparatively bounded downside from the current levels considering the bullish motivation, let alone the fact that no recession occurred, which we previously considered highly probable. We expect it to range and accumulate a bit, and our bias target of $100,000 before a few months looks realistic.”
Bitfinex analysts highlighted that besides Trump’s presidency, expectations of future rate cuts in the US and reduced supply issuance after the 2024 halving are also contributing factors.
Do Crypto Markets Need Deleveraging Ahead of Bitcoin’s $100,000 Rally?
However, there are often some doubts in such phenomena, especially because the crypto market, perhaps, requires deleveraging before Bitcoin adds an auxiliary figure with more significant digits than the hundredth.
Current leveraged ratios — the volume of borrowed funds for trading positions — are close to being unsustainable, Crypto.com’s co-founder and CEO Kris Marszalek said. Marszalek wrote in a Nov. 12 X post:
“There are concerns, however, that need to be addressed before a $100k attack; cleaning up those leverages. This is why we encourage our clients to manage their risk very carefully, please.”
The estimated liquidity leverage ratio was 0.215 for Bitcoin across all exchanges, corresponding to levels last observed in October 2023, according to CryptoQuant.