The surge in Bitcoin’s price through 2024 reflects a dynamic year for the cryptocurrency market. As of November 12, Bitcoin reached an all-time high of $89,956.88, underscoring its continued position as the leading digital currency.
This report provides an overview of Bitcoin’s price trend from January to November 12, 2024, and projects what traders might expect for the remainder of the year.
Price Overview: January to November 2024
January – March: Bitcoin started 2024 at a lower value but gradually gained momentum, closing January around $42,582.61. By March 31, it climbed to approximately $71,333.65, driven by favourable market conditions and increased adoption by institutional investors.
April – June: Bitcoin continued its upward trend, reaching notable highs in June, closing the month at $62,678.29. Despite some volatility, Bitcoin’s resilience and market interest kept its value within a high range.
July – September: This quarter displayed steadier growth, with Bitcoin prices fluctuating between $58,969.90 and $68,255.87, influenced by regulatory updates and heightened interest from global investors.
October – November 12: A period of rapid growth, Bitcoin’s price surged from $60,837.01 at the start of October to its all-time high of $89,956.88 on November 12. This upward trend trend began after Donald Trump won the United States’ 60th quadrennial presidential election, held on Tuesday, November 5, 2024.
Contributing factors include increased demand and speculations around potential ETF approvals, solidifying investor confidence.
Projections for Bitcoin in Late 2024
With recent peaks indicating strong investor confidence and increased market momentum, Bitcoin may continue to fluctuate within the high $80,000 to low $90,000 range. However, there is potential for new highs due to:
Continued Institutional Interest: Institutional investments and the possible approval of Bitcoin ETFs could sustain momentum, pushing Bitcoin to new highs.
Trump’s body language to crypto: President Trump is a lover of crypto, so we expect this to have an impact on the price of BTC. The crypto community is seeing a new fan in Trump’s presidency.
Increased Adoption: More mainstream acceptance in various sectors, including retail and finance, could drive higher demand.
Market Volatility and Speculation: Given Bitcoin’s historical volatility, price fluctuations are likely, especially if significant regulatory updates emerge.
Traders can anticipate a mix of volatility and growth. While short-term corrections are possible, the trajectory appears promising for Bitcoin to close 2024 near or above current highs.
