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Bitcoin recorded a 129% year-to-date surge in 2024, driven by the April halving and November’s robust gains. Analysts are optimistic about the $100K milestone as the market continues its historic upward trajectory.
Bitcoin Surges 129% YTD Following Halving and U.S. Election
The 2024 US presidential election and the subsequent halving event were the primary factors in Bitcoin's 129% year-to-date increase.
In addition, ICO Analytics reports that Bitcoin saw a 37% increase in November 2024. From 2011 until 2024, ICO Analytics tracked Bitcoin's monthly performance and found just three years with greater percentage gains for November.
Among these years, Bitcoin experienced a 42% growth in 2020, a 54% gain in 2017, and a mind-boggling 459% gain in 2013.
Halving Fuels Bitcoin's Post-Election Price Momentum
In previous halving years, the price of Bitcoin starts to grow about six months after the halving event, so the decentralized, supply-capped asset is following a similar pattern in its price performance.
An significant psychological level, the $100,000 mark, is being watched with much anticipation by analysts. With Bitcoin's price retracing to the $96,000-$98,000 level after reaching $99,000 on November 22, the race to $100,000 is looking less than certain.
Analysts began to anticipate that the spot price of Bitcoin might soon exceed $100,200 after futures on the Chicago Mercantile Exchange (CME) reached that level for the second time in seven days on November 29.
Altcoin Season Looms as Bitcoin Dominance Declines
Even though Bitcoin futures are getting more expensive, Bitcoin's market share is declining. In 2024, Bitcoin's market share dropped to 56.1% on November 30. This might be the beginning of altcoin season when Bitcoin investors cash out and shift their focus to other cryptocurrencies.
Bitcoin will reach a local peak of $110,000 before the end of January 2025, according to CEO Raoul Pal of Global Macro Investor. The peak price of Bitcoin, according to Pal's prediction, will occur towards the year 2025's end.
Speculation Mounts Over $1 Million Bitcoin 'Omega Candle'
According to Bitcoin supporter Samson Mow, who spoke with Cointelegraph, the "Omega Candle" could appear near the $100,000 price milestone. In this context, Mow's "Omega Candle" or "God Candle" describes a scenario in which the price of Bitcoin skyrockets, potentially reaching $1 million or even higher per coin.
In the Omega Candle age, when governments, institutions, and individual traders all want a piece of the Bitcoin action, Mow predicts that the price might increase by $10,000 daily.
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