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    Analysts predict Bitcoin may hit $100,000 in November due to post-election demand and historical trends

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    Analysts suggest Bitcoin could reach $100,000 in November, following post-election investor demand and historic chart trends. The value of Bitcoin has doubled this year, outperforming traditional financial assets. November often yields the best returns for Bitcoin and this year appears no different, with the cryptocurrency already up 20%. Factors driving Bitcoin’s growth include expected US interest rate cuts, reduced Bitcoin supply post-2024 halving, and increased interest due to Donald Trump’s election win. However, experts warn unsustainable market leverage ratios could hinder reaching the $100,000 mark.

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    Analysts predict that Bitcoin may hit an all-time high of $100,000 during November. This prediction comes from examining historic chart trends and an increase in investor demand since the elections. On November 13, Bitcoin managed to surpass the record high of $90,000, just over a week following Donald Trump’s win in the 2024 United States presidential election.

    During this year, Bitcoin’s value has basically doubled, which shines in comparison to traditional financial assets, says Ryan Lee from Bitget Research. According to him, November is usually the best month for Bitcoin returns, and if this year is in line with the trend, we might see Bitcoin hit $100,000 before the month ends.

    This November, Bitcoin is already showing a 20% increase, whereas in the past it has averaged over 44% returns for the month according to CoinGlass data. This recent positive trend comes after Bitcoin had its best weekly return since the US banking crisis of March 2023, when the value of Bitcoin surpassed the $90,000 mark and made a new record.

    Analysts from Bitfinex also have high hopes for Bitcoin’s price. They believe that Trump’s win will encourage more people to get into cryptocurrency in the US, potentially pushing Bitcoin above the $100,000 mark in the next few months. Apart from Trump’s victory, the main elements driving Bitcoin’s growth are expectations of more US interest rate cuts and the reduction in Bitcoin’s supply after the 2024 halving, according to Bitfinex analysts.

    Despite these optimistic predictions, there is a word of caution out there: the crypto market may need some deleveraging before Bitcoin can reach the $100,000 high. Kris Marszalek, the co-founder and CEO of Crypto.com, warns that the current leveraged ratios in the market are moving towards unsustainable levels and must be reduced before attempting to reach the $100,000 mark. So, as always, manage your risks carefully.

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