Bitcoin rose almost 40% in November, but this is just the beginning. Now it is entering the phase of determining the price of the current cycle, experts say.

10x Research noted the rapid decline in Bitcoin balances of major exchanges to historical lows, while long-term holders are in no hurry to take profits, exacerbating the supply shortage.

10x Research Predictions

The analytical company 10x Research previously predicted that Bitcoin would rise to $100 thousand by the end of January 2025. Their assumptions are based on a forecasting model that takes into account historical data and current market trends.

The main factors supporting this forecast are:

1. Black hole effect: When Bitcoin rises, its dominance in the market increases, which causes the value of altcoins to decrease. As of October 29, Bitcoin's market share exceeded 60%, the highest since March 2021.
2. Institutional investors: There has been a significant influx of capital into Bitcoin exchange-traded funds (ETFs). For example, the Bitcoin ETF market attracted $4.1 billion in October alone, and analysts are confident that capital inflows will continue.
3. Political events: Analysts also take into account possible political events, such as Donald Trump's victory in the US presidential election on November 5, which could have a positive impact on the cryptocurrency market.
4. Adding MicroStrategy: It is expected that on December 6, S&P Global may announce the inclusion of MicroStrategy in the S&P500 index. This will be an additional growth factor for Bitcoin.

The 10x Research forecasting model has an accuracy rate of 86.7% based on the last 15 forecasts. Several recent buy signals detected in October have already met expectations.

Thus, 10x Research analysts believe that current market signals indicate further growth for Bitcoin, and predict that by the end of January 2025, the Bitcoin price could exceed $100 thousand.