Bitcoin surpassed silver; can BTC reach $100k in November?

Bitcoin reached almost $90,000 earlier today, becoming the world’s eighth-largest asset.

Bitcoin (BTC) hit an all-time high of $89,604 earlier today as the broader crypto market posted impressive gains. The value of the global crypto market also reached an ATH of $3.11 trillion.

Following the rise, Bitcoin’s market cap rose to $1.77 trillion, surpassing silver’s $1.7 trillion value and approaching the $1.8 trillion market cap of Saudi Arabia’s national oil and gas company, Saudi Aramco.

One reason for this is $1.1 billion in net inflows into US-based spot BTC exchange-traded funds on Monday, November 11.

According to IntoTheBlock data, Bitcoin whale transactions exceeded $100 billion yesterday.

Large waves of whale transactions often trigger large inflows, triggering fear of missing out among retail investors.

The road to 100 thousand dollars

Bitcoin’s bullish momentum appears to have cooled after approaching $90,000. This is a natural cycle as some investors will take profits after big gains.

A survey on Polymarket with a volume of $238,000 shows a 40% chance of Bitcoin breaking $100,000.

Source: Polimarket

Another poll with $3.6 million in betting volume shows BTC has an 80% chance of reaching $90,000. Survey data shows that the probability of Bitcoin reaching $95,000 and $105,000 is 57% and 20% respectively.

Source: Polimarket

On market prediction platform Kalshi, the chance of BTC price reaching the $100,000 level remains at 45%.

Bitcoin is currently trading below $87,000 as the broader market also shows signs of cooling.

According to CoinGecko data, the global crypto market value also dropped to $3.08 trillion.

The October US Consumer Price Index report, scheduled for release on November 13, could either strengthen the bull run or potentially reverse its direction. CPI report shows the inflation rate in the USA

According to Trading Economics data, September CPI was 2.4% and is expected to reach 2.6% compared to the previous month. In particular, the inflation report is one of the most important factors in making the interest rate decision in December.