Bitcoin (BTC) concluded October with a 13% surge, sparking predictions of continued growth in November 2024. Analysts highlight several factors supporting this bullish outlook.
Digital asset research firm 10x Research forecasts Bitcoin could rise to $73,000, predicting potential price increases of at least 40% in the next three months, and possibly surpassing $100,000 by January 2025.
Analysts cite catalysts like the US elections and increased Bitcoin ETF inflows, alongside Bitcoin's growing dominance, currently at 60%, as driving forces.
On-chain data from Glassnode supports 10x Research's predictions, using the Pi Cycle Top metric to forecast a possible rally to $115,903.
Michaël van de Poppe, founder of MN Trading, predicts Bitcoin could reach $80,000 in November and $90,000-$100,000 in December, which would aid altcoins' performance.
Despite the optimism, historical data warns of potential corrections; key technical indicators show a bullish setup, with the possibility of breaking $76,000 if the trend continues.
Conversely, a decline below $70,000 might challenge these projections, possibly resulting in a drop to $66,448.
