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Today in crypto, analysts have predicted that Bitcoin’s much-awaited $100,000 all-time high could come during November, StarkWare CEO Eli Ben Sasson revealed that a major upgrade to expand Bitcoin’s scripting capabilities is set to go live in the next 12 months, and the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) announced it will expand from Ethereum to the Aptos, Arbitrum, Avalanche, Optimism and Polygon blockchains.
Bitcoin’s much-awaited $100,000 all-time high could come during November, analysts predict based on historical chart patterns and growing investor demand since the elections.
Bitcoin surpassed the $90,000 record high on Nov. 13, just over a week after Donald Trump won the 2024 United States presidential election.
Bitcoin’s over 100% year-to-date rally has outshined most traditional financial assets, according to Ryan Lee, chief analyst at Bitget Research.
November is historically known as the best month for Bitcoin’s returns, and BTC could be on track to $100,000 before the end of the month, Lee told Cointelegraph:
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% from the current price level will push the coin well above the $100,000 target for the month. The post-halving cycle trend is also very positive when projecting the future of Bitcoin.”
BTC/USD, 1-month chart. Source: Cointelegraph/TradingView
Bitcoin is already up over 20% for the month of November when it has historically averaged over 44% monthly returns, CoinGlass data shows.
Despite optimistic predictions, the crypto market may need deleveraging before Bitcoin can surpass the $100,000 high.
The current leveraged ratios, or the amount of borrowed funds used for trading positions, is reaching unsustainable levels, warned Kris Marszalek, the co-founder and CEO of Crypto.com.
Marszalek wrote in a Nov. 12 X post:
“Leverage needs to be cleaned up before attack on $100k. Please manage your risk carefully.”
StarkWare CEO Eli Ben Sasson says he expects OP_CAT — a major upgrade to the Bitcoin network — to go live sometime within the next 12 months.
Speaking to Cointelegraph at Devcon 2024 in Thailand, Ben-Sasson says the introduction of OP_CAT will enable a suite of new functionality on Bitcoin, including “covenants, ZK-rollups and layer 2 networks.”
Source: Starknet
Notably, the introduction of OP_CAT will see Starknet become the first layer-2 network to settle natively on both Bitcoin and Ethereum.
“If you think of Bitcoin as an old scientific calculator — not like your smartphone, which can run any apps — but it can do a bunch of computations,” said Ben-Sasson.
“OP_CAT adds one button to this scientific calculator, a button that can ‘concatenate’ or merge together to strings of characters,
So this thing that just allows you to concatenate two strings [...] and lets you use the Bitcoin calculator to inspect files, run programs, read long things, and operate on them,” he explained.
The BlackRock USD Institutional Digital Liquidity Fund (BUIDL) will expand to Aptos, Arbitrum, Avalanche, Optimism and Polygon, becoming a multichain asset manager, according to a Nov. 13 announcement.
Securitize announced the BUIDL multichain expansion on X.com. Source: Securitize
According to Securitize, the firm partnered with BlackRock to tokenize the BUIDL fund, BUIDL became the largest tokenized fund in AUM in the world “in less than 40 days,” and this move represents the next stage of its growth within the greater blockchain ecosystem.
Written by Cointelegraph
