As we reported as Kriptokoin.com, Bitcoin had a volatile start to October. But now, it’s on track to end the month with a strong close. It has increased by 13% in the last 30 days. This caused many analysts to speak hopefully for November. So, what are the main factors supporting this rise? And what are the developments awaiting Bitcoin in the coming weeks?
Reasons Supporting the Rise of Bitcoin
10x Research thinks that Bitcoin will continue its rise in November. According to analysis, Bitcoin will reach $ 73,000 this month. Research shows that after reaching a peak every six months, Bitcoin typically experiences an increase of at least 40% within three months. Judging by this data, there is even a possibility that BTC will exceed $ 100,000 before January 2025. Moreover, developments such as the presidential elections in the USA and Bitcoin ETF inflows support this optimistic picture.
In particular, the increasing market dominance of Bitcoin does not go unnoticed. This rate, which has now reached 60%, shows that investors are turning away from risky altcoins and turning to BTC in uncertain periods. Glassnode’s on-chain data indicates that Bitcoin may rise to $115,903 in the coming period. All these indicators strengthen the idea that Bitcoin could test higher levels in November.
US Elections and Bitcoin
One of the most important events that will affect Bitcoin’s short-term performance is the US presidential elections. Speaking to Thinking Crypto, Mark Yusko states that Vice President Kamala Harris’s election win may have short-term negative effects on Bitcoin. According to Yusko, if SEC Chairman Gary Gensler remains in office, concerns about tighter regulations will cause fluctuations in Bitcoin prices.
However, in the long term, Yusko paints a more positive picture for Bitcoin. The US government’s money printing policies and budget deficit will create opportunities for Bitcoin. As the dollar loses value, Bitcoin’s digital gold status will become even stronger. Rising inflation is also one of the factors that will increase the value of Bitcoin.
Cyclical Movements of BTC
Bitcoin is nearing the end of its four-year cycle. According to historical data, approximately 178 days after the halving event, Bitcoin usually experiences a parabolic rise. This means we can expect a strong price movement in the last quarter of 2024. Yusko says Bitcoin could reach the $110,000 to $120,000 range by the end of the year. The increasing interest of institutional investors and the introduction of ETFs are among the factors supporting this rise.
Of course, every rally can also have a correction. It is also said that if Bitcoin exceeds $ 150,000, there may be a decrease of 60-80%. Yusko thinks the fair value of Bitcoin is currently between $80,000-$100,000. However, as we at Kriptokoin.com have reported, speculative buying can push the price above fair value, which could eventually lead to a major correction. That’s why he warns that investors should be careful.
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