Bitcoin Set to Have Its Fourth Strongest Month Since October 2021

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Bitcoin Set to Have Its Fourth Strongest Month Since October 2021

Bitcoin is currently up over 36% for November, which has only been beaten by three other months since October 2021.

Nov 29, 2024, 11:34 a.m.

Nov. 30, is the last trading day of the month, so all eyes will be on bitcoin’s (BTC) monthly candle. Bitcoin is less than 4% away from the psychological wall of $100,000. While the $9 billion worth of options expiry for bitcoin has just expired, which has sent the token slightly higher on the day to over $96,000.

CoinGlass data shows that November has been one of the strongest months for bitcoin for several years, currently up over 36%, which would be the fourth best performing month since October 2021.

November’s rise has only been beaten thrice February 2024 (44%), January 2023 (40%) and October 2021 (40%). November’s impressive performance is largely due to the fact that Donald Trump won the U.S. presidential election earlier this month.

Yet, bitcoin still has two more days until the official monthly close so there is still time to beat these milestones.

On a quarterly timeframe, bitcoin is currently up 51% on the quarter with December still to come, on average the month of December returns around 5%. Q4 2024 has been the strongest quarter since Q1 which returned 69%.

BTC Monthly Performance (Glassnode)

It seems a matter of when not if, bitcoin breaks past $100,000 while it is on track towards an all-time high monthly close.

Analyst Caleb Franzen believes there is more juice left to squeeze in this current bitcoin bull market.

“BTCUSD monthly chart with the RSI indicator: Bitcoin bull markets often peak with the monthly RSI trading above 90, versus the current level of 75. Historically, we’ve seen each bull market peak with a lower RSI, illustrated by the descending trend line, Franzen says. The implication is that momentum is not yet “overheated” and that more upside can be squeezed out of this uptrend in the months/quarters ahead”.

BTCUSD monthly chart with the RSI indicator (Caleb Franzen)

Similar market structure to Q4 2020

Bitcoin is in a similar market structure to Q4 2020, both periods saw strong green months in October and November, with … Read More