Originally published on: November 10, 2024
Bitcoin has broken through the $79,000 mark, reaching new highs in a week filled with record-breaking moments. This surge comes in the aftermath of Donald Trump’s reelection as U.S. President, signaling a positive trend for the cryptocurrency.
On November 10 at 05:00 UTC, Bitcoin hit $79,141 on Coinbase, marking a significant milestone. Despite this remarkable increase, experts are advising traders to exercise caution and avoid impulsive decisions.
At the time of publication, Bitcoin is currently trading at $79,658 on Coinbase. Renowned Bitcoin analyst Tuur Demeester emphasized the importance of holding onto your investments, stating that “no rash action is needed, HODLing does the work for you.”
Glassnode’s lead analyst, James Check, echoed this sentiment by highlighting the gap between the current price and the 200 Day Moving Average (DMA), suggesting that there is still room for growth.
Popular crypto analyst Invest Answers excitedly informed their followers that Bitcoin is “taking off” after surpassing the $79,000 threshold. Similarly, crypto commentator Rain expressed their enthusiasm with a simple declaration to their followers that “We are so back.”
Analyzing the recent price spike, a pseudonymous crypto trader known as Cantonese Cat pointed out that this surge was not driven by leveraged positions but rather by a genuine supply shock and increased demand.
With Bitcoin smashing through its previous all-time high of $73,679 on November 5, it continued its upward trajectory, surpassing $76,000 on November 6 and breaking through $77,000 on November 8.
Hunter Horsley, CEO of Bitwise Invest, emphasized the positive correlation between Bitcoin’s price increase and its perceived value. Horsley believes that as Bitcoin’s value rises, it is more likely to succeed and become even more valuable in the long run.
As the cryptocurrency market continues to experience exciting developments, it is essential for traders to stay informed and make informed decisions. Subscribe to our Crypto Biz newsletter for weekly insights into key business trends in blockchain and crypto to navigate the market effectively and identify profitable opportunities.
