CandleFocus Bitcoin Set to Have Its Fourth Strongest Month Since October 2021
2024-11-29
Author: Content Editor
The closing of November sees Bitcoin inching closer to the $100,000 mark, with the cryptocurrency up over 36% for the month. November has been one of the strongest months for Bitcoin in recent years, surpassed only by a few other months. Analysts believe there is still potential for further growth in the current bull market. Bitcoin's market structure in Q4 2020 is similar to the current period, which saw a correction during the Thanksgiving period before a significant increase in value. Data also shows that Bitcoin being above the short-term holder's realized price (STHRP) indicates a bull market. Additionally, there is a growing divergence between the realized price and the long-term holder realized price (LTHRP), suggesting new participants entering the market. There is even speculation that Bitcoin could reach $100,000 on November 29, seven years after hitting $1,000.
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