Bitcoin has outpaced silver—could BTC hit $100k this November?

Bitcoin briefly reached an all-time high of $89,604 earlier today, propelling the broader crypto market to new heights. The global crypto market cap hit a record $3.11 trillion, while Bitcoin’s market capitalization surged to $1.77 trillion, surpassing silver’s $1.7 trillion and positioning itself just below Saudi Aramco, the world’s largest oil company, which has a market cap of around $1.8 trillion.

The rally was partly fueled by $1.1 billion in net inflows into U.S.-based spot BTC exchange-traded funds (ETFs) on November 11. Additionally, Bitcoin whale transactions exceeded $100 billion yesterday, according to data from IntoTheBlock, further driving bullish sentiment.

The Path to $100,000

Bitcoin’s remarkable rise has somewhat cooled after nearing the $90,000 level, which is typical as profit-taking often follows significant price gains. However, markets remain optimistic about the future of Bitcoin, with a Polymarket poll showing a 40% chance that BTC could surpass $100,000. Meanwhile, another poll with $3.6 million in betting volume suggests an 80% chance that Bitcoin will reach $90,000, with 57% odds for a $95,000 price point and 20% odds for a $105,000 level.

On Kalshi, a prediction market platform, the probability of Bitcoin hitting $100,000 stands at 45%.

As of now, Bitcoin is trading just below $87,000, and the broader crypto market is experiencing a slight pullback, with the global crypto market cap dropping to $3.08 trillion.

U.S. Inflation Data and Its Impact

The U.S. Consumer Price Index (CPI) report for October, due on November 13, could play a significant role in determining the market’s next move. The CPI for September came in at 2.4%, and the inflation rate for October is expected to rise to 2.6%. This report will be closely watched as it could influence the Federal Reserve’s interest rate decision in December, potentially fueling or dampening the current market rally.