Bitcoin (BTC) is expected to end October, which was initially difficult, in a strong manner. Over the past 30 days, BTC has risen 13%, and many analysts predict that this upward trend will continue until the Bitcoin price forecast for November 2024.
But what factors are driving this optimistic outlook? This in-depth on-chain analysis reveals the fundamental factors contributing to this bullish sentiment.
Many factors suggest further rise in Bitcoin
First, the digital asset research firm 10x Research has expressed the view that BTC will continue its upward trend. According to their forecast, the fact that Bitcoin reached $73,000 this month is one reason why the price increase can be sustained.
To support this point, 10x Research mentioned that whenever Bitcoin records a 6-month high, its price rises at least 40% within the next 3 months. Based on this sentiment, Bitcoin's price is likely to exceed $100,000 by the end of January 2025, and it may even set a new all-time high in November according to their analysis.
Additionally, the company mentioned on their YouTube page that catalysts such as the US elections and increased inflows into Bitcoin ETFs could play a role, which have amounted to billions of dollars in the past few weeks.
Another factor that could impact Bitcoin's performance in November 2024 is its dominance. At the time of writing, Bitcoin's dominance has increased to 60%.
Read more: Top 5 Platforms to Buy Bitcoin Mining Stocks After the 2024 Halving
The high market dominance of Bitcoin suggests that it is single-handedly driving the momentum of the entire cryptocurrency market, especially during uncertain times.
This also implies that investors are now preferring the lower but more stable rise of Bitcoin over the highly volatile altcoins.
Interestingly, on-chain data from Glassnode also seems to agree with 10x Research's prediction. According to Glassnode, the Pi Cycle Top indicates a potential peak for Bitcoin at $115,903.
If this is the case, the November 2024 Bitcoin forecast could see the price surpassing the all-time high. Mikael van de Poppe, the founder of MN Trading, also seems to agree with this outlook.
"In November, it will be $80,000, and in December, it will be $90,000-$100,000, which will help altcoins perform strongly," Van de Poppe said in a post on X.
BTC Price Forecast: At Least $76,000 in November?
On the daily chart, Bitcoin still has a bullish technical setup, suggesting the price could well exceed $72,319. First, the cryptocurrency has breached the crucial resistance level of $71,473.
Historically, when Bitcoin's price has been rejected in this zone, it has experienced notable corrections. For example, when this happened in April, BTC dropped 14% within a few days. A similar occurrence in June led to a 22% decline in Bitcoin's price in less than a month.
Additionally, the Relative Strength Index (RSI), which measures momentum, continues to rise. This movement is similar to the one seen during the run-up to the all-time high in March.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
If this trend continues, BTC could surpass $76,000 in November. However, in the short term, a drop below $70,000 could invalidate this forecast, in which case BTC could decline to $66,448.
