Akash Girimath
Bitcoin (BTC) price today trades at $98,176.0 as of 1 PM. BTC price hit a daily high of $99,486.0 today after rallying 0.52% on November 22.
Why Is Bitcoin Price Up Today?
Bitcoin price today is up 0.52% today and currently auctions around $98,176.0. Since the breakout from the seven-month consolidation and the $75k hurdle, the crypto market outlook has turned bullish. While a few altcoins shoot higher, the alt season is yet to begin.
*bitcoin price updated as of 1 PM.
Value of BTC trades at $98,176.0, bringing the year-to-date gain from 56% on October 20 to 108% as of November 18. Although many altcoins have shot up over triple digits, Bitcoin is catching up. Ethereum price’s YTD performance is lackluster, stands at 39%, and is well below BTC.
Although Bitcoin is the largest cryptocurrency by market capitalization, Bitcoin’s popularity is due to its first-mover advantage and its being a secure, decentralized network. In addition, many narratives, like digital gold, inflation hedges, and uncorrelated assets, have kept BTC at the forefront of the crypto market since its inception in 2009.
Bitcoin Price Eyes Bullish End to 2024
Industry veterans’ speculation of a bull run post-US elections was right, and Bitcoin is likely to end November 2024 on a positive note. Many even expect a six-digit target for BTC by the end of November, and this is due to the historical returns. History shows that Bitcoin has always performed massively in the fourth quarter.
With that said, if Bitcoin price hits a new ATH in November or December, Bitcoin’s market capitalization, which stands at $1,938.2 billion could push toward the $2 trillion mark.
Bitcoin: The Largest Cryptocurrency
While Bitcoin’s market cap hovers around $1,938.2 billion, with Ethereum, the duo controls nearly 65% of the total cryptocurrency market capitalization, which is $2.40 trillion. Despite the seven-month consolidation, Bitcoin’s $1.3 trillion market cap remains strong, anticipating it reaching $2 trillion in 2025.
BTC’s 24-hour Trading Volume
Being the top crypto has its benefits; more people tend to flock toward the asset. Likewise, BTC’s 24-hour trading volume stands at $97.7 billion. Binance, one of the largest cryptocurrency exchanges, contributes a major portion of this volume. Binance’s share of BTC’s 24-hour trading volume comprises spot and perpetuals trading. While spot volume hovers around 11%, perpetual volume is 41%. Exchanges like OKX, Bitget, etc, follow Binance.
Bitcoin Blockchain Upgrades
With a market cap of $1.3 trillion, it is necessary for the network to remain secure, decentralized, and scalable. This is possible by upgrading the Bitcoin network regularly.
Here are some notable upgrades the Bitcoin network has received or planned to receive since its inception in 2009.
Bitcoin Network Upgrades Since 2009
Here are some key milestone upgrades to the Bitcoin network over the past decade.
2020-2024:
- Taproot Upgrade (2021): Improved Bitcoin’s smart contract functionality, allowing for more complex transactions and enhanced privacy.Muir Glacier Upgrade (2020): Delayed the “ice age” that would have slowed down the network, ensuring the continued smooth operation of Bitcoin.
2017-2019:
- Segregated Witness (SegWit) Upgrade (2017): Increased the block size limit, allowing for more transactions to be processed on the network, and improved the overall scalability of Bitcoin.
- Schnorr/Tapscript Upgrade (proposed): Aims to further improve the efficiency and scalability of Bitcoin transactions, but has not yet been activated.
- SegWit2x (canceled): A proposed upgrade that aimed to increase the block size limit, but was ultimately canceled due to lack of consensus.
2015-2016:
- Bitcoin Core 0.12.0 Upgrade (2016): Introduced several improvements, including better wallet management and enhanced security features.
- BIP66 Upgrade (2015): Standardized the way Bitcoin transactions are verified, improving the overall security and reliability of the network.
2013-2014:
- Bitcoin Core 0.9.0 Upgrade (2014): Introduced a new wallet format and improved the overall performance of the Bitcoin client.
- BIP0016 Upgrade (2013): Enabled the use of payment protocol, allowing for more efficient and secure transactions.
2010-2012:
- Pay-to-Script-Hash (P2SH) Upgrade (2012): Introduced a new type of transaction that allows for more complex payment scenarios, improving the overall flexibility of the Bitcoin network.
- Bitcoin Core 0.6.0 Upgrade (2011): Introduced several improvements, including better wallet management and enhanced security features.
2009-2010:
- Bitcoin Core 0.3.0 Upgrade (2009): One of the earliest upgrades to the Bitcoin network, introducing several key features and improvements.
Bitcoin Price Forecast For Next Month
| Date | Price | Change |
|---|---|---|
| November 22, 2024 | 97418.35 | 0.61% |
| November 23, 2024 | 98063.45 | 1.28% |
| November 24, 2024 | 98970.99 | 2.22% |
| November 25, 2024 | 99837.80 | 3.11% |
| November 26, 2024 | 100590.70 | 3.89% |
| November 27, 2024 | 101266.23 | 4.59% |
| November 28, 2024 | 101145.44 | 4.46% |
| November 29, 2024 | 99618.02 | 2.89% |
| November 30, 2024 | 98465.50 | 1.7% |
| December 01, 2024 | 98174.56 | 1.39% |
| December 02, 2024 | 99192.01 | 2.45% |
| December 03, 2024 | 103906.29 | 7.31% |
| December 04, 2024 | 105950.32 | 9.43% |
| December 05, 2024 | 106663.15 | 10.16% |
| December 06, 2024 | 106584.24 | 10.08% |
| December 07, 2024 | 106208.09 | 9.69% |
| December 08, 2024 | 106073.11 | 9.55% |
| December 09, 2024 | 106510.76 | 10% |
| December 10, 2024 | 106690.45 | 10.19% |
| December 11, 2024 | 106999.48 | 10.51% |
| December 12, 2024 | 107583.65 | 11.11% |
| December 13, 2024 | 108250.00 | 11.8% |
| December 14, 2024 | 107592.91 | 11.12% |
| December 15, 2024 | 108773.07 | 12.34% |
| December 16, 2024 | 109787.75 | 13.39% |
| December 17, 2024 | 109898.47 | 13.5% |
| December 18, 2024 | 109156.49 | 12.74% |
| December 19, 2024 | 108506.62 | 12.07% |
| December 20, 2024 | 108497.79 | 12.06% |
| December 21, 2024 | 107283.19 | 10.8% |
Based on Coingape’s Bitcoin price prediction, investors can expect a double-digit rally that leads to a peak of $104,725 as of November 26, leading to a correction. In a month from now, the largest crypto by market cap could be exchanging hands at around $92,300.
Bitcoin Price Forecast Between 2025 and 2029
| January | $100,397.41 | $109,030.31 | $104,713.86 |
68.4% |
| February | $100,398.35 | $108,162.15 | $104,280.26 |
67.7% |
| March | $100,399.30 | $107,294 | $103,846.65 |
67% |
| April | $100,400.24 | $106,425.84 | $103,413.04 |
66.3% |
| May | $100,401.19 | $105,557.68 | $102,979.44 |
65.6% |
| June | $100,402.13 | $104,689.52 | $102,545.83 |
64.9% |
| July | $100,403.08 | $103,821.36 | $102,112.22 |
64.2% |
| August | $100,404.02 | $102,953.20 | $101,678.62 |
63.5% |
| September | $100,404.97 | $102,085.05 | $101,245.01 |
62.8% |
| October | $100,405.91 | $101,216.89 | $100,811.40 |
62.1% |
| November | $100,406.86 | $100,348.73 | $100,377.80 |
61.5% |
| December | $100,407.80 | $99,480.57 | $99,944.19 |
60.8% |
| All Time | $100,402.60 | $104,255.44 | $102,329.03 |
64.6% |
| January | $103,203.57 | $102,755.52 | $105,237.51 |
69.3% |
| February | $105,999.33 | $106,030.48 | $110,530.83 |
77.8% |
| March | $108,795.10 | $109,305.43 | $115,824.14 |
86.3% |
| April | $111,590.87 | $112,580.38 | $121,117.46 |
94.8% |
| May | $114,386.63 | $115,855.33 | $126,410.78 |
103.3% |
| June | $117,182.40 | $119,130.29 | $131,704.10 |
111.8% |
| July | $119,978.17 | $122,405.24 | $136,997.41 |
120.4% |
| August | $122,773.93 | $125,680.19 | $142,290.73 |
128.9% |
| September | $125,569.70 | $128,955.14 | $147,584.05 |
137.4% |
| October | $128,365.47 | $132,230.10 | $152,877.37 |
145.9% |
| November | $131,161.23 | $135,505.05 | $158,170.68 |
154.4% |
| December | $133,957 | $138,780 | $163,464 |
162.9% |
| All Time | $118,580.28 | $120,767.76 | $134,350.75 |
116.1% |
| January | $139,801.17 | $144,684.75 | $169,276.92 |
172.3% |
| February | $145,645.33 | $150,589.50 | $175,089.83 |
181.6% |
| March | $151,489.50 | $156,494.25 | $180,902.75 |
191% |
| April | $157,333.67 | $162,399 | $186,715.67 |
200.3% |
| May | $163,177.83 | $168,303.75 | $192,528.58 |
209.7% |
| June | $169,022 | $174,208.50 | $198,341.50 |
219% |
| July | $174,866.17 | $180,113.25 | $204,154.42 |
228.4% |
| August | $180,710.33 | $186,018 | $209,967.33 |
237.7% |
| September | $186,554.50 | $191,922.75 | $215,780.25 |
247.1% |
| October | $192,398.67 | $197,827.50 | $221,593.17 |
256.4% |
| November | $198,242.83 | $203,732.25 | $227,406.08 |
265.8% |
| December | $204,087 | $209,637 | $233,219 |
275.1% |
| All Time | $171,944.08 | $177,160.88 | $201,247.96 |
223.7% |
| January | $212,511.67 | $218,298 | $243,655 |
291.9% |
| February | $220,936.33 | $226,959 | $254,091 |
308.7% |
| March | $229,361 | $235,620 | $264,527 |
325.5% |
| April | $237,785.67 | $244,281 | $274,963 |
342.3% |
| May | $246,210.33 | $252,942 | $285,399 |
359% |
| June | $254,635 | $261,603 | $295,835 |
375.8% |
| July | $263,059.67 | $270,264 | $306,271 |
392.6% |
| August | $271,484.33 | $278,925 | $316,707 |
409.4% |
| September | $279,909 | $287,586 | $327,143 |
426.2% |
| October | $288,333.67 | $296,247 | $337,579 |
443% |
| November | $296,758.33 | $304,908 | $348,015 |
459.8% |
| December | $305,183 | $313,569 | $358,451 |
476.5% |
| All Time | $258,847.33 | $265,933.50 | $301,053 |
384.2% |
| January | $317,150.58 | $326,144.33 | $372,391.92 |
499% |
| February | $329,118.17 | $338,719.67 | $386,332.83 |
521.4% |
| March | $341,085.75 | $351,295 | $400,273.75 |
543.8% |
| April | $353,053.33 | $363,870.33 | $414,214.67 |
566.2% |
| May | $365,020.92 | $376,445.67 | $428,155.58 |
588.7% |
| June | $376,988.50 | $389,021 | $442,096.50 |
611.1% |
| July | $388,956.08 | $401,596.33 | $456,037.42 |
633.5% |
| August | $400,923.67 | $414,171.67 | $469,978.33 |
655.9% |
| September | $412,891.25 | $426,747 | $483,919.25 |
678.4% |
| October | $424,858.83 | $439,322.33 | $497,860.17 |
700.8% |
| November | $436,826.42 | $451,897.67 | $511,801.08 |
723.2% |
| December | $448,794 | $464,473 | $525,742 |
745.6% |
| All Time | $382,972.29 | $395,308.67 | $449,066.96 |
622.3% |
By 2025, Bitcoin price could hit the six-digit territory, and expect a massive bull run to kickstart in the years leading up to 2029. Coingape’s Bitcoin price prediction notes that BTC could trade between $82,213.41 and $660,471.83 by 2029.
Bitcoin Price Outlook between 2030 and 2050
2030
2031
2032
2033
2040
2050
| January | $465,154.42 | $481,462.17 | $546,469.67 |
779% |
| February | $481,514.83 | $498,451.33 | $567,197.33 |
812.3% |
| March | $497,875.25 | $515,440.50 | $587,925 |
845.6% |
| April | $514,235.67 | $532,429.67 | $608,652.67 |
879% |
| May | $530,596.08 | $549,418.83 | $629,380.33 |
912.3% |
| June | $546,956.50 | $566,408 | $650,108 |
945.7% |
| July | $563,316.92 | $583,397.17 | $670,835.67 |
979% |
| August | $579,677.33 | $600,386.33 | $691,563.33 |
1012.3% |
| September | $596,037.75 | $617,375.50 | $712,291 |
1045.7% |
| October | $612,398.17 | $634,364.67 | $733,018.67 |
1079% |
| November | $628,758.58 | $651,353.83 | $753,746.33 |
1112.4% |
| December | $645,119 | $668,343 | $774,474 |
1145.7% |
| All Time | $555,136.71 | $574,902.58 | $660,471.83 |
962.3% |
| January | $667,167.08 | $691,240.58 | $802,526.58 |
1190.8% |
| February | $689,215.17 | $714,138.17 | $830,579.17 |
1235.9% |
| March | $711,263.25 | $737,035.75 | $858,631.75 |
1281.1% |
| April | $733,311.33 | $759,933.33 | $886,684.33 |
1326.2% |
| May | $755,359.42 | $782,830.92 | $914,736.92 |
1371.3% |
| June | $777,407.50 | $805,728.50 | $942,789.50 |
1416.4% |
| July | $799,455.58 | $828,626.08 | $970,842.08 |
1461.5% |
| August | $821,503.67 | $851,523.67 | $998,894.67 |
1506.7% |
| September | $843,551.75 | $874,421.25 | $1,026,947.25 |
1551.8% |
| October | $865,599.83 | $897,318.83 | $1,054,999.83 |
1596.9% |
| November | $887,647.92 | $920,216.42 | $1,083,052.42 |
1642% |
| December | $909,696 | $943,114 | $1,111,105 |
1687.1% |
| All Time | $788,431.54 | $817,177.29 | $956,815.79 |
1439% |
| January | $946,061.92 | $979,838.83 | $1,150,786.08 |
1751% |
| February | $982,427.83 | $1,016,563.67 | $1,190,467.17 |
1814.8% |
| March | $1,018,793.75 | $1,053,288.50 | $1,230,148.25 |
1878.6% |
| April | $1,055,159.67 | $1,090,013.33 | $1,269,829.33 |
1942.4% |
| May | $1,091,525.58 | $1,126,738.17 | $1,309,510.42 |
2006.3% |
| June | $1,127,891.50 | $1,163,463 | $1,349,191.50 |
2070.1% |
| July | $1,164,257.42 | $1,200,187.83 | $1,388,872.58 |
2133.9% |
| August | $1,200,623.33 | $1,236,912.67 | $1,428,553.67 |
2197.7% |
| September | $1,236,989.25 | $1,273,637.50 | $1,468,234.75 |
2261.6% |
| October | $1,273,355.17 | $1,310,362.33 | $1,507,915.83 |
2325.4% |
| November | $1,309,721.08 | $1,347,087.17 | $1,547,596.92 |
2389.2% |
| December | $1,346,087 | $1,383,812 | $1,587,278 |
2453% |
| All Time | $1,146,074.46 | $1,181,825.42 | $1,369,032.04 |
2102% |
| January | $1,387,378.67 | $1,426,572.58 | $1,647,465.92 |
2549.9% |
| February | $1,428,670.33 | $1,469,333.17 | $1,707,653.83 |
2646.7% |
| March | $1,469,962 | $1,512,093.75 | $1,767,841.75 |
2743.5% |
| April | $1,511,253.67 | $1,554,854.33 | $1,828,029.67 |
2840.3% |
| May | $1,552,545.33 | $1,597,614.92 | $1,888,217.58 |
2937.1% |
| June | $1,593,837 | $1,640,375.50 | $1,948,405.50 |
3033.9% |
| July | $1,635,128.67 | $1,683,136.08 | $2,008,593.42 |
3130.7% |
| August | $1,676,420.33 | $1,725,896.67 | $2,068,781.33 |
3227.5% |
| September | $1,717,712 | $1,768,657.25 | $2,128,969.25 |
3324.3% |
| October | $1,759,003.67 | $1,811,417.83 | $2,189,157.17 |
3421.1% |
| November | $1,800,295.33 | $1,854,178.42 | $2,249,345.08 |
3517.9% |
| December | $1,841,587 | $1,896,939 | $2,309,533 |
3614.7% |
| All Time | $1,614,482.83 | $1,661,755.79 | $1,978,499.46 |
3082.3% |
| January | $1,912,592.58 | $1,975,978.17 | $2,362,093.25 |
3699.3% |
| February | $1,983,598.17 | $2,055,017.33 | $2,414,653.50 |
3783.8% |
| March | $2,054,603.75 | $2,134,056.50 | $2,467,213.75 |
3868.4% |
| April | $2,125,609.33 | $2,213,095.67 | $2,519,774 |
3952.9% |
| May | $2,196,614.92 | $2,292,134.83 | $2,572,334.25 |
4037.4% |
| June | $2,267,620.50 | $2,371,174 | $2,624,894.50 |
4122% |
| July | $2,338,626.08 | $2,450,213.17 | $2,677,454.75 |
4206.5% |
| August | $2,409,631.67 | $2,529,252.33 | $2,730,015 |
4291.1% |
| September | $2,480,637.25 | $2,608,291.50 | $2,782,575.25 |
4375.6% |
| October | $2,551,642.83 | $2,687,330.67 | $2,835,135.50 |
4460.1% |
| November | $2,622,648.42 | $2,766,369.83 | $2,887,695.75 |
4544.7% |
| December | $2,693,654 | $2,845,409 | $2,940,256 |
4629.2% |
| All Time | $2,303,123.29 | $2,410,693.58 | $2,651,174.63 |
4164.3% |
| January | $2,753,723.75 | $2,916,544.25 | $3,019,295.17 |
4756.4% |
| February | $2,813,793.50 | $2,987,679.50 | $3,098,334.33 |
4883.5% |
| March | $2,873,863.25 | $3,058,814.75 | $3,177,373.50 |
5010.6% |
| April | $2,933,933 | $3,129,950 | $3,256,412.67 |
5137.7% |
| May | $2,994,002.75 | $3,201,085.25 | $3,335,451.83 |
5264.9% |
| June | $3,054,072.50 | $3,272,220.50 | $3,414,491 |
5392% |
| July | $3,114,142.25 | $3,343,355.75 | $3,493,530.17 |
5519.1% |
| August | $3,174,212 | $3,414,491 | $3,572,569.33 |
5646.3% |
| September | $3,234,281.75 | $3,485,626.25 | $3,651,608.50 |
5773.4% |
| October | $3,294,351.50 | $3,556,761.50 | $3,730,647.67 |
5900.5% |
| November | $3,354,421.25 | $3,627,896.75 | $3,809,686.83 |
6027.7% |
| December | $3,414,491 | $3,699,032 | $3,888,726 |
6154.8% |
| All Time | $3,084,107.38 | $3,307,788.13 | $3,454,010.58 |
5455.6% |
The bullish explosive trend noted up to 2029 will continue for BTC based on CoinGape predictions and potentially push the average price of BTC in 2050 between $2.9 million and $3.3 million. Investors should note that these long-term predictions can change and, hence, should be taken with a grain of salt.
Bitcoin Price Today Hits $100k, But What’s Next?
With Bitcoin price trading just 1.40% away from $100,000 on November 22, investors are confident that today is the day BTC hits that key six-digit psychological level. While it is a moment to celebrate, investors need to be prepared for what comes next.
In the short-term, techncials hint that a correction could occur. In the long term, however, the outlook couldn’t be more bullish. The minor pullback is mainly due to the divergence spotted between price and open interest on the one-hour chart. When price slopes upward but OI drops, it indicates that there is profit-taking. As a result, a correction could be brewing. Further cementing this correction is the Cumulative Volume Delta (CVD) is also sliding lower, which shows that there are more sell orders than buy orders. Since CVD is the difference between the buy and sell volumes, it confirms the profit-taking thesis.
The short-term outlook could include BTC hitting $100k followed by a sideways movement or a correction over the weekend, followed by a massive rally with the start of a new week.
BTC’s Long Term Outlook Remains Extremely Bullish
From a historical standpoint, this bullish outlook witnessed is just the start. Typically, bull runs reach full potential in the fourth quarter. Since October was lackluster, the rally began in November, allowing BTC to surge 47% in just 22 days. Investors are also expecting this rally to continue in December and next year.
Charles Edwards of Capriole Fund posted on X that Bitcoin’s parabolic phase that happens once “every 4 years” will begin after $100k.
So investors looking to open futures positions need to be careful that with Bitcoin hitting $100k today, volatility could pick up. Furthermore, lack of liquidity during weekends could add to this volatility. Hence, caution is advised going forward.
