Bitcoin (BTC), the leading cryptocurrency, is close to achieving a historic milestone. Today, Bitcoin is trading at approximately $97,000, which makes it just 3% away from the much-anticipated $100,000 mark.
This landmark seemed like a distant dream and is not within reach, but a new question has hovered within the crypto community: Can Bitcoin surge further to $120,000 by the end of November?
At press time, the BTC price stands at $97,551.78, with a surge of 4.27% in the last 24 hours.
Bitcoin’s Journey to $97,000 Mark
Bitcoin‘s journey has not been without challenges, as a significant amount of resistance was observed around the $95,000 mark.
At this point, profit-taking and market hesitation slowed the momentum. However, the token consistently broke such barriers and delivered explosive moves in its final leg upwards.
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According to the analysts, macroeconomic shifts, such as increasing global adoption, the upcoming Bitcoin halving in 2024, and growing institution investment, are fueling these major projections.
Despite all the obstacles the cryptocurrency faced, optimism runs high amongst the community and market analysts. Considering the historical trends, there are high chances that BTC might end 2024 with a dramatic tone.
Bitcoin to Reach $120,000 By November-end?
Analysts have drawn parallels to the 2020 bull run, where BTC saw exponential growth around the US election period. The price value for BTC surged from $15,000 in November to $30,000 by year-end.
According to the analysts, again, due to the macroeconomic shifts and the growing narrative of BTC as ‘digital gold,’ it will continue to fuel the current bullish sentiment. Going from $100,000 to $120,000 will be a different story than doubling from $15,000 to $30,000 because of the amount of capital that is going to be required for this push.
Given Trump’s focus on the crypto industry, there are high chance that the price can be pushed toward higher highs. With just approximately a week left for the month to end, if the historic patterns hold and if the investor interest remains the same, the $120,000 mark can be achieved.
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