Bitcoin (BTC) Price Prints Biggest Monthly Candle Ever, Surpassing the $99,000 Mark

Bitcoin (BTC)'s price has printed its biggest monthly candle ever, climbing over 40.8% in November and surpassing the $99,000 mark.

Bitcoin (BTC) price action continued to mesmerize traders and investors alike throughout November, as the world’s leading cryptocurrency relentlessly marched toward the highly anticipated six-figure territory.

In the final week of the month, BTC price breached the pivotal $90,000 level on Monday and continued to rally over 7% in the following days, printing its biggest monthly candle ever.

As of Monday morning, BTC price hovered around $98,567, up 1.5% over the past 24 hours and nearly 40% for the month, according to Bitstamp data.

The last time Bitcoin price encountered strong resistance was at $89,000, which took nearly two weeks to overcome.

However, once BTC price breached this level, it encountered minimal resistance and surged rapidly, setting new all-time highs in quick succession.

Now, with less than two weeks to go before the month ends, Bitcoin price is positioned to set new records before December begins.

But will Bitcoin (BTC) reach $100,000 by the end of November?

Several market indicators and trends suggest that this possibility is certainly on the table.

Stablecoin Inflows Signal Market Optimism

Data from CryptoQuant showed that stablecoin inflows to crypto exchanges hit a record monthly high of over $9.7 billion, indicating strong liquidity and bullish sentiment.

Moreover, the Crypto Fear & Greed Index also climbed to 88 (“extreme greed”), up from 85 last week, signaling growing optimism for a potential breach of $100,000.

Historical Trends Support Further Upside

According to CoinGlass, November has historically been Bitcoin’s (BTC) most bullish month, with average returns of 46%.

With eight days remaining, analysts predict that BTC price could set new records before the month ends.

However, it’s worth noting that the last time the Fear & Greed Index hit 80+ was in April, and within three weeks, Bitcoin experienced an 18% correction.

Bitcoin at $100K: A Hedge Against Inflation

As Bitcoin price edges closer to the six-figure mark, several market analysts have highlighted its potential as a hedge against inflation.

“Bitcoin's 0% inflation rate and limited supply make it a strong wealth generator, particularly when compared to gold’s centuries-long history as a store of value,” said Marcin Kazmierczak, COO of RedStone.

However, some experts, including Crypto.com CEO Kris Marszalek, remain cautious, expressing that the high leverage in the crypto market may delay Bitcoin’s climb past the $100,000 milestone.

The views, thoughts, and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.