Bitcoin gains 129% in 2024 fueled by halving event

Bitcoin (CRYPTO:BTC) has recorded a 129% year-to-date gain, driven by the 2024 United States Presidential election and the April 2024 halving event, according to ICO Analytics.  

Bitcoin’s performance aligns with past halving years, where prices typically increase six months after the event.  

The cryptocurrency also achieved a 37% gain in November 2024, marking one of its strongest Novembers in over a decade.  

Historical data shows higher gains for the month in only three years: 2013 with 459%, 2017 with 54%, and 2020 with 42%.  

On November 22, Bitcoin’s price briefly crossed $99,000 but retraced to the $96,000-$98,000 range.  

Meanwhile, Bitcoin futures on the Chicago Mercantile Exchange (CME) hit $100,200 twice within seven days, sparking optimism among analysts for a potential spot price surge to the six-figure milestone.  

However, Bitcoin dominance dropped to 56.1% on November 30, signaling that investors are rotating profits into altcoins, which could indicate the start of an altcoin season.  

Raoul Pal, CEO of Global Macro Investor, forecasts a local top for Bitcoin at $110,000 by January 2025, with a more significant peak anticipated by the end of the year.  

Bitcoin advocate Samson Mow speculated that the $100,000 level might trigger the "Omega Candle," a term referring to a rapid price surge that could potentially push Bitcoin’s value to $1 million or more per coin.  

Mow explained that during the Omega Candle era, Bitcoin’s price could increase by as much as $10,000 daily as institutions, retail traders, and even nation-states rush to acquire Bitcoin.  

Despite price volatility and profit-taking, Bitcoin’s year-to-date performance underscores its resilience and growing appeal as a digital asset amid evolving market dynamics.  

At the time of reporting, the Bitcoin (BTC) price was $97,544.56.