 Bitcoin prints record 40% monthly candle as price crosses $99K 
2024-11-22

Bitcoin price has printed the biggest monthly candle in crypto history, as the world’s first cryptocurrency is nearing the six-figure valuation for the first time.
The Bitcoin BTCUSD price rose over 40.8% during November, recording a new all-time high for the biggest monthly candle as BTC breached $99,000, Bitstamp data shows.
Bitcoin’s monthly all-time high comes over two weeks after Donald Trump won the 2024 US presidential election held on Nov. 5, inspiring a new wave of investor appetite for risk-on assets such as Bitcoin.
Increasingly more analysts expect Bitcoin to breach the $100,000 mark. On Nov. 22, stablecoin flows to crypto exchanges reached a record monthly high of over $9.7 billion, flashing another optimistic signal for Bitcoin’s price trajectory leading up to 2025.
November: More gains ahead for Bitcoin?
The new monthly all-time high marks a significant achievement for Bitcoin, considering there are eight more days left in November, during which the Bitcoin price can see more appreciation.
November is historically the most bullish month for Bitcoin price action, with BTC averaging over 46% returns, CoinGlass data shows.
Investor optimism also shows promising signs in the short term. Investor sentiment rose to 88, or “extreme greed” on Nov. 22, up from last week’s 85, according to data from CoinMarketCap’s Crypto Fear & Greed Index.
However, the growing greed among investors could also signal a potential correction.
The last time the index had a score of 80 was on April 9, just before Bitcoin saw an 18% correction over the following three weeks, from above $69,135 to its bottom near $56,500 on May 1, Bitstamp data shows.
Bitcoin has more upside at $100,000 as a hedge against inflation
The industry is awaiting Bitcoin’s potential run to $100,000 with bathed breath.
The six-figure milestone is only a matter of time, considering Bitcoin’s utility as a hedge against inflation, explained Marcin Kazmierczak, the co-founder and chief operating officer of RedStone.
He told Cointelegraph:
Yet, some of the most notable crypto founders have previously voiced their worries about the growing greediness and amount of leverage in crypto markets.
On Nov. 12, Kris Marszalek, the co-founder and CEO of Crypto.com, warned that the crypto market will need deleveraging before Bitcoin can breach $100,000.