Bitcoin is experiencing a significant surge, potentially breaking records. A small data point suggests the cryptocurrency could hit $100,000 on November 29th, mirroring its previous milestones.
Bitcoin Could Hit $100,000
One very small data point suggests that bitcoin could even hit $100,000 on Nov. 29.
Key Statistics
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November is currently up over 36%, which would be the fourth best performing month since October 2021.
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Bitcoin’s market structure is similar to that of Q4 2020.
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There is a growing divergence between the realized price and long-term holder realized price.
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One very small data point suggests that bitcoin could hit $100,000 on Nov. 29.
Current Market Situation
Market Structure Similar to Q4 2020
Bitcoin’s market structure is similar to that of Q4 2020, with strong green months in October and November, followed by a correction during the Thanksgiving period. In the back end of 2020, bitcoin conclusively left behind the psychological barrier of $10,000 and went to $60,000 by April 2021.
Growing Divergence Between Realized Price and Long-term Holder Realized Price
There is a growing divergence between the realized price (which reflects the average on-chain acquisition price for the entire coin supply) and the long-term holder realized price (LTHRP), which reflects the average on-chain acquisition price for coins held outside exchange reserves, which have not moved within the last 155-days. This indicates that new participants are entering the market while long-term holders are spending or realizing profits.
Bitcoin Price Projections
One small data point suggests that bitcoin could even hit $100,000 on November 29th, mirroring its previous price milestones. Four years and one day after hitting $1,000 in November 2013, bitcoin first reached $10,000, and now it may be poised to reach $100,000 just seven years and one day later.
