Bitcoin price discovery fuels bullish sentiment toward $150K milestone
Bitcoin's price holds above $95,000, eyes $100,000 milestone amid record-breaking November gain
Bitcoin price is holding firm above the $95,000 support level, as traders highly anticipate the $100,000 milestone.
Since surpassing its previous all-time high, Bitcoin has entered the price discovery phase, where the asset's fair market value is determined by heightened buying and selling activity. However, the flagship cryptocurrency posted an impressive 40% gain in November, the largest monthly increase in its history.
Bitcoin now finds itself in a critical position that could pave the way for explosive upward moves in the coming months. Historical data suggests that the discovery phase has delivered substantial returns in previous cycles. During the 2017 and 2021 bull markets, Bitcoin surged 1,600% and 245%, respectively, after entering price discovery. Analyst 'Daan Crypto Trades' noted that even a move half as strong as that in 2021 could propel Bitcoin to $150,000 in this cycle.
Analysts project record-breaking potential amid price discovery
Adding to the bullish narrative, Capriole Fund’s Charles Edwards highlighted the potential for "insane" returns during Bitcoin’s price discovery phase, historically lasting 4–7 months. November’s 40% surge marked the start of this phase, breaking records for monthly performance. December, a historically positive month for Bitcoin, has averaged a 10% gain in past years. This is particularly significant during halving years, where December returns averaged +28% across 2012, 2016, and 2020.
Currently trading just below its $99,645 all-time high, Bitcoin's technical indicators remain supportive. The RSI is holding steady above 50, indicating bullish momentum is intact despite recent sideways movement. The $95,000 support zone has proven resilient over the past five days, positioning Bitcoin to potentially breach the $100,000 level.
While optimism remains high, some caution that a larger correction cannot be ruled out. However, analysts suggest that continued momentum could propel Bitcoin toward $125,000 or beyond in the months ahead, keeping the market’s focus firmly on its next big move.
A parabolic move in the final week of November saw BTC falter near the psychological $100,000 mark. Market metrics reveal a historic drop in Bitcoin exchange flows to Binance.
