Bitcoin (BTC) Price Increases 30% in November — $110,000 Within Reach
When Will Bitcoin Reach $100,000? | Credit: Derek Fenech
Key Takeaways
- Bitcoin (BTC) has increased by 30% in November.
- The price reached a new all-time high on Nov. 13.
- Will Bitcoin continue increasing for the rest of the year?
The Bitcoin price has increased since August, but the upward movement accelerated in November, leading to a new all-time high on Nov. 13. While BTC has fallen slightly, it still trades very close to its all-time high.
Let’s examine the Bitcoin price action to determine whether a new all-time high is likely in November and whether BTC can reach $100,000.
Bitcoin’s November Increase
The monthly time frame Bitcoin chart shows that the price has confirmed the $60,000 horizontal area as support and started another upward movement. In July, August, and September, BTC created three long lower wicks (white icons) below this area but recovered, closing above it.
Bitcoin has increased by 30% so far in November. If the increase holds, it would be the largest monthly candlestick since February, when the BTC price increased 45%. Bitcoin reached its all-time high of $93,483 on Nov. 13.
In the 2021 high, the upward movement ended after the Relative Strength Index (RSI) reached 90 and created a bearish divergence (green). Neither has happened in the current cycle, meaning the upward movement could continue.
Positive Bitcoin News
On Nov. 18, MicroStrategy (MSTR) Founder and Chairman Michael Saylor announced the purchase of 51,780 BTC at a price of $88,627. This was MSTR’s largest one-time purchase ever, and it now holds 331,200 BTC.
Other companies are also following suit since there are now 62 public companies with a Bitcoin treasury strategy.
Spot Bitcoin ETF options will also begin trading today, specifically for the iShares Bitcoin Trust (IBIT) vehicle. Bitcoin analyst Joe Consorti believes this could be huge for the derivatives market.
According to Consorti, traditional market derivatives are usually 10 to 20 times the size of the underlying market cap, while this ratio in Bitcoin is less than 1%. So, the development of Bitcoin derivatives is a positive sign.
Finally, there are rumors that the Donald Trump team is considering an executive order for a national “Strategic Bitcoin Reserve” to beat any state from passing it into law first.
Analysts on X are also bullish on BTC’s future movement. Bitcoindata21 suggests that the price action is similar to November 2023, when the BTC price doubled in roughly three months.
Inmortalcrypto believes the price will increase well above $100,000 after breaking from the current symmetrical triangle pattern.
Bitcoin Goes Parabolic
The daily time frame chart and wave count show the price has increased parabolically since its Aug. 5 bottom (white). The wave count shows three successive 1-2 wave formations, which create the parabolic rally.
If the count is accurate, BTC has completed the third minor sub-wave (yellow) in sub-wave three (black) of wave three (white), which is the most rapid portion of the upward movement.
After BTC completes wave three, it can return to validate the parabolic support trend line. A likely target for the top of sub-wave three is $111,000.
This would give sub-wave three 3.61 times the length of sub-wave one (black) and minor sub-wave five 0.618 times the length of minor sub-waves one and three combined (yellow).
On the other hand, if the ensuing breakout is small, BTC could top out at $96,580.
New Highs Likely
Bitcoin’s November candlestick is shaping up to be one of the biggest in its history. The short-term outlook indicates that a breakout from the current consolidation can take the price to $110,000.
Positive Bitcoin news relating to ETF options and MicroStrategy purchases supports the upward movement.
Bitcoin (BTC) Price Crosses $71,000 in a 144-Day High — All-Time High Within Reach
