Latest Bitcoin Price Prediction: Can It Reach $102,000 By The End Of This Month?

Bittime - The price of Bitcoin (BTC) continues to be a hot topic of conversation among investors. Recently, this largest crypto asset set an all-time high price record of $98,340 (Rp. 1.56 billion). 

This surge has many analysts optimistic that Bitcoin could reach $102,660 (Rp. 1.62 billion) before the end of November 2024. What are the factors driving this prediction? Let's discuss it in more depth.

Bitcoin Performance in the Last Month

In the last 30 days, Bitcoin recorded a gain of 38.22%, and in the last three months, its price jumped 54.32%. When compared to last year, when the BTC price was only $37,183 (Rp. 591 million), this increase reached 153.61%. 

This brilliant performance put Bitcoin at the top of the crypto asset market, with the total market capitalization increasing significantly.

On November 20, 2024, Bitcoin was trading at $94,300 (Rp. 1.5 billion), after surging 3.38% in just 24 hours. This increase made BTC outperform the overall crypto market, which only rose 2.59% in the same period.

Read also: When will Bitcoin break $100k? This is the driving factor for the price

Factors Driving Bitcoin's Rise

There are several factors that make Bitcoin prices rise. The following is a complete explanation.

1. Whale Activity

Big investors or whales are one of the main drivers of the surge in Bitcoin prices. The latest data shows whales added 56,397 BTC to their portfolio, worth $5.42 billion (Rp. 86.2 trillion). 

This activity created significant buying pressure, pushing Bitcoin prices towards new highs.

2. Long Term Holder Trust

Long-Term Holders (LTH) remain firm in holding onto their assets even though they are in a significant profit situation. 

Indicator Long-Term Holder Net Unrealized Profit/Loss (LTH NUPL) indicating that the market still has room for growth before reaching "euphoria". Thus, the current bullish trend has the potential to continue.

3. Positive Market Sentiment

Indeks Fear & Greed which is at number 83 (Extreme Greed) indicates high optimism among investors. While this shows confidence in the market, this number can also be a warning of potential overvaluation.

Read also: Bitcoin History: The Story of the Creation of BTC by Satoshi Nakamoto

Bitcoin Technical Analysis: Strong Bullish Indicator

A total of 29 technical indicators show bullish signals for Bitcoin, with only 4 indicators showing bearish signals. Here are some key indicators:

• Moving Averages (MA): All major MA periods (3, 5, 10, 21, 50, 100, 200 days) provide buy signals.

• Relative Strength Index (RSI): At 77.11 levels, the RSI shows BTC is in the overbought zone.

• Ichimoku Cloud: This indicator supports the bullish trend with a positive signal.

Bitcoin Price Prediction and Important Levels

Analysts expect Bitcoin to reach $102,660 (Rp. 1.62 billion) on November 25, 2024, up 9.49% from its current position. However, some key levels to pay attention to are:

• Support: $90,405 (Rp. 1.43 billion), $88,690 (Rp. 1.41 billion), and $86,974 (Rp. 1.38 billion).

• Resistance: $93,836 (Rp. 1.49 billion), $95,552 (Rp. 1.52 billion), and $97,266 (Rp. 1.55 billion).

To maintain the bullish trend, Bitcoin must establish $97,864 (Rp. 1.56 billion) as a new support level.

Even though the market outlook is very positive, volatility remains a challenge. If large investors start taking profits, Bitcoin's price could be corrected. A drop below $89,800 (Rp. 1.43 billion) could invalidate the current bullish predictions.

Read also: NiceHash Bitcoin Mining: What Is It and How to Use It?

Conclusion

With the price surge supported by whale activity, long-term holder confidence, and positive market sentiment, Bitcoin has a great chance of reaching the target of $102,660 (Rp. 1.62 billion). However, investors must remain alert to potential corrections amidst high market volatility.

For those of you who want to enter the Bitcoin market, this moment can be an interesting opportunity. However, make sure to always do your research and understand the risks involved.

FAQs About Bitcoin

Is Bitcoin worth investing in?

Is bitcoin a safe investment? The value of bitcoin or any cryptocurrency remains highly uncertain, and they all exhibit significant price fluctuations. Cryptocurrencies are not company shares and are not traded on stock exchanges.

How to get 1 Bitcoin?

The four main ways to buy bitcoin are through a Bitcoin wallet app like the Bitcoin.com Wallet app, through the Bitcoin.com website, through a broker, and through a cryptocurrency centralized exchange (CEX) like Bittime.

Who owns the most Bitcoin?

Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is believed to own the most bitcoin, with an estimated more than 1 million BTC mined in the early days of the network.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

Reference:

1. CoinCodex, Media crypto CoinCodex, Accessed November 22, 2024.
2. Dailycoin, Media crypto Dailycoin, Accessed November 22, 2024.

Author: Y