Closed In November, Bitcoin Records Largest Monthly Increase

Illustration of Bitcoin (photo: Pixabay)

JAKARTA - Data from Cointelegraph and TradingView confirms that Bitcoin (BTC) recorded the largest price increase ever in a monthly bundle, amounting to 26.400 US dollars (Rp419 million).

In addition, Bitcoin closed in November to a level of around US$96.400 (Rp1.53 billion), despite a drop from the previous US$99,000 (Rp1.57 billion), Bitcoin set a historic record.

According to crypto asset trading platform Nanovest, during November, Bitcoin recorded a price increase of more than 37%, making this month the second best month of 2024.

This record also reflects a high increase in demand and optimism among market players, which continues to push the price of Bitcoin to an unprecedented level.

With this significant increase, many believe that Bitcoin still has the potential to reach a higher level at US$100,000 (Rp1.58 billion) in the future.

In this regard, some fund strategists are repeating Bitcoin's ambitious six-digit price target. According to Nanovest, they project that the price of BTC could reach more than 250,000 US dollars (Rp 3.97 billion) by 2025.

The projection is based on a number of fundamental and technical factors, including increasing institutional adoption and positive views from regulators in various countries, the company said.

Taking a closer look at the short-term analysis, popular Skew traders identified that the level of 98,500 US dollars (Rp1.56 billion) was a key point that had to be broken to allow Bitcoin to list new efforts in reaching six digits.

This level is considered a critical resistance which, if successfully penetrated, could pave the way for higher price movements and faster towards US$100,000 (Rp1.58 billion).

The technical analysis of Skew states that Bitcoin is in a strong and sustainable upward trend. This is characterized by increasingly high lowest points, which show stability and strength in price movements," he explained further.

This positive sentiment is also supported by various other market indicators which show that demand for Bitcoin continues to increase. Overall, this combination of technical and fundamental factors creates a very supportive environment for Bitcoin to continue to rise.