Bitcoin (BTC), the leading cryptocurrency in the world, is making a final push towards the historic $100,000 level. In the last 24 hours, the BTC price has gone up by 2.05%, reaching $97,476.16. This comes after Bitcoin rebounded from a low of $94,729 in earlier trading, signaling that it may soon retest the $100,000 price mark as November comes to a close.
Despite not reaching the anticipated $100,000 yet, Bitcoin’s performance in November has been impressive, with a 37% increase in price. This marks the fourth-best month for Bitcoin since October 2021, with only February 2024, January 2023, and October 2021 surpassing this month’s growth. Various macroeconomic factors, such as rate cuts, have contributed to Bitcoin’s strong performance.
The expiration of Bitcoin’s options contracts worth $9.4 billion has also contributed to the coin’s upward movement in the market. However, Bitcoin market volume has decreased by 34.48% to $47.10 billion, indicating that investors remain cautious about Bitcoin’s ability to cross $100,000 this cycle.
Analysts believe that institutional interest could be the key to pushing BTC past the $100,000 mark. Despite a decline in institutional enthusiasm for Bitcoin, renewed interest from institutional players could act as a catalyst for price action. With the availability of Spot Bitcoin ETF products for investors in the U.S. and other regions, institutional interest could play a significant role in Bitcoin’s future price movements.
Looking ahead, predictions for Bitcoin in 2025 suggest significant growth potential. Some analysts foresee Bitcoin reaching as high as $200,000, with growth expected to continue from the remaining days of 2024. As market forces shift and institutional interest grows, Bitcoin’s journey towards the $100,000 level and beyond could be within reach.
