Bitcoin (BTC), the world’s leading cryptocurrency, appears to have initiated a final push for the historic $100,000 level. Data shows that the BTC price has reclaimed $97,476.16, representing a 2.05% increase in the last 24 hours.
Bitcoin and month of strong performance
This price level follows Bitcoin’s rebound from a low of $94,729 in earlier trading. As November’s market activity looks set to close in less than 48 hours, Bitcoin appears ready to retest the psychological $100,000 price mark.
Interestingly, despite disappointing investors and traders because it has yet to climb past the anticipated $100,000, Bitcoin’s performance remains striking. CoinGlass data reveal that Bitcoin recorded staggering growth this November, or about a 37% rise.
This is the fourth-best month for Bitcoin in terms of price performance since October 2021. This month’s performance is surpassed only by 44% growth in February 2024 and 40% in January 2023 and October 2021.
This month’s performance is linked to various macroeconomic factors, including rate cuts.
Meanwhile, the expiration of Bitcoin’s options contracts worth $9.4 billion has also nudged the coin up a bit in the market. However, Bitcoin market volume has dropped considerably by 34.48% to $47.10 billion.
This metric signals investors have remained cautious about the coin’s ability to cross $100,000 this cycle.
Could institutional interest unlock 100K?
Despite these concerns, analysts believe any shift in market forces could tilt BTC over this historic level that has resisted Bitcoin’s push for a couple of weeks.
For instance, there is a growing rekindling of interest from institutional players. Although institutional enthusiasm for Bitcoin appears to have suffered a decline, renewed interest could act as a catalyst to fuel price action. Spot Bitcoin ETF products are now accessible to investors in the U.S. and other regions.
Regardless of the current price level, the prediction for Bitcoin in 2025 suggests that significant growth is possible. Some analysts predict the growth could flow from the remaining days of 2024 and hit a high of $200,000.
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