Black Friday Bitcoin

Happy Bitcoin Friday! — Nov. 29, 2024

Black Friday Bitcoin

Bitcoin isn’t on sale.

The world’s largest cryptocurrency sits near $97,000 today and is approaching its fourth best monthly close since October 2021.

Bitcoin, unlike other goods and services on this Black Friday, is not on sale but it is, however, always for sale.

+36%

Bitcoin’s up 36% in November.

Double digit gains in October have been dwarfed by November’s performance and we’re once again in all-time high territory.

Two weeks ago, I said that bitcoin was in price discovery mode. All-time highs at the start of a bull market is a recipe for absolute uncertainty, especially as bitcoin continues to test $100,000.

$100,000

Psychological barrier.

$100,000 is the biggest psychological barrier bitcoin has faced since $20,000. During the 2017 bull market, bitcoin rallied from sub $1,000 at the start of the year, all the way toward what would become the all-time high of $20k for the next three years.

$20k became the psychological resistance that cycle. It held firm until late 2020 when bitcoin broke it, then rallied to unprecedented highs near $60,000 by Spring of 2021. Now, this market cycle is presenting similar trends.

At the start of this year, bitcoin broke the prior all-time high of $64,000 then traded within a $10,000-12,000 range for the better part of the year. Earlier this month, we soared toward $100k, hit it, and remain at that summit now.

Large round numbers naturally bring with them significant psychological resistance.

$100,000 brings with it magnitudes more resistance than anything we’ve encountered. Once bitcoin breaks through this level, with conviction, there’s no telling where it goes next. 2025 could be the most volatile year in bitcoin’s 16 year history.

2024

• US Bitcoin ETFs

• 4th Bitcoin Halving

• New ATHs