Bitcoin is on pace to have its fourth-best month since October 2021.

Bitcoin’s November Surge of 36% Marks Strongest Month Since 2021, Nears $100,000

Bitcoin has made a remarkable 36% gain in November, placing it among the top-performing months since October 2021. With just one trading day left, Bitcoin is on track to close the month with its fourth-best performance in over two years, according to data from CoinGlass.

The surge this month is only surpassed by February 2024 (44%), January 2023 (40%), and October 2021 (40%). Bitcoin’s recent success is partly attributed to the outcome of the U.S. presidential election, where Donald Trump’s victory renewed investor confidence in U.S.-based tokens, such as XRP’s connection to Ripple Labs.

Currently, Bitcoin is closing in on the psychological $100,000 level, with prices hovering just 4% below it. A recent expiration of $9 billion worth of Bitcoin options has contributed to a slight price increase, pushing Bitcoin above $96,000. With two days remaining in November, there’s still a chance for Bitcoin to break this milestone before the official monthly close.

Bitcoin’s quarterly performance is also impressive, currently up 51%, with December still to come. Historically, December has brought an average return of around 5%, which could push the fourth quarter of 2024 to its strongest performance since the first quarter, which saw a 69% increase.

Experts believe Bitcoin is on the verge of reaching new highs, and its path to $100,000 looks increasingly likely. Analyst Caleb Franzen suggests that there is still more potential for growth in the current bull market. “The monthly RSI indicator is currently at 75, below the 90 level often seen at the peaks of bull markets,” Franzen explains. “This suggests that Bitcoin still has room to grow before reaching an overbought state, indicating further upside in the coming months and quarters.”

Echoes of Q4 2020 Market Structure

Bitcoin’s market structure in the current rally closely mirrors Q4 2020, when strong green months in October and November were followed by a correction during the Thanksgiving period. In 2020, this marked the moment Bitcoin decisively broke through the $10,000 level, eventually rising to $60,000 by April 2021.

According to Glassnode, Bitcoin’s price remaining above its short-term holder realized price (STHRP) is a strong indicator of a bull market. During Q4 2020, Bitcoin consistently found support at this level as it continued its upward momentum. If this pattern repeats, Bitcoin could continue its rally, with the STHRP serving as a support level as the price moves higher.

STHRP reflects the average acquisition cost of Bitcoin held outside exchange reserves for less than 155 days—coins likely to be spent. Meanwhile, long-term holder realized price (LTHRP) reflects the average cost of Bitcoin held for more than 155 days and tends to be less likely to be spent. A widening gap between the realized price and LTHRP signals increasing market participation from new buyers, while long-term holders realize profits or spend their holdings.

Could Bitcoin Reach $100,000 Soon?

A fascinating historical parallel hints that Bitcoin could touch $100,000 by November 29. Bitcoin first reached $1,000 on November 27, 2013, and four years later, on November 28, 2017, it broke the $10,000 barrier. If this pattern holds, Bitcoin could see $100,000 just seven years after hitting the $10,000 milestone in 2017.

With strong technical indicators, growing institutional interest, and positive market sentiment, Bitcoin seems poised to break the $100,000 barrier in the near future, making history once again.