Bitcoin has crossed the $79,000 threshold for the first time, sparking optimism among traders who believe this could mark the start of a prolonged rally. Analysts, however, caution against impulsive trading.
Bitcoin’s recent price milestone has captivated the crypto market, reaching an all-time high of $79,141 on November 10 at 05:00 UTC on Coinbase. This historic rise follows multiple gains since Donald Trump’s re-election as U.S. president, with traders and analysts suggesting that Bitcoin’s rally may have only just begun.
“HODLing Does the Work,” Say Analysts
While the excitement around Bitcoin’s price surge is palpable, leading crypto analysts are advising against hasty trading decisions. Noted Bitcoin analyst Tuur Demeester emphasized a cautious approach, advising investors to simply “HODL,” or hold on to their Bitcoin assets. “$79K Bitcoin, new ATH. Steady folks, this is just the beginning,” Demeester posted on X, underscoring the importance of patience.
Similarly, Glassnode’s lead analyst James Check, known as “Checkmatey,” highlighted that the current price remains within a healthy range relative to the 200-day moving average (DMA), indicating a stable upward trend.
Market Sentiment Points to Further Gains
Popular crypto analysts on X, like Invest Answers, expressed enthusiasm for Bitcoin’s rise, telling followers that the crypto market is “taking off.” Another crypto influencer, Rain, celebrated the price action with the comment, “We are so back,” capturing the community’s optimistic mood.
Trader Cantonese Cat added that this particular price rally isn’t tied to highly leveraged positions or sudden liquidity grabs, which often drive volatility. Instead, it appears driven by “pure spot supply shock and huge demand,” suggesting that Bitcoin’s upward trajectory could be more sustainable this time.
Bitcoin’s Climb to $79K Marks a Week of New Highs
Bitcoin’s rally began with the breaking of its previous all-time high of $73,679 on November 5, followed by additional records on November 6 and November 8, hitting $76,000 and $77,000 respectively. This week of price escalation highlights growing interest in Bitcoin’s potential as a long-term asset, especially during economic uncertainties.
Hunter Horsley, CEO of Bitwise Invest, weighed in on the psychological impact of Bitcoin’s price movement, noting that “when Bitcoin’s price goes up, people view it as more likely that it will succeed, and therefore be even more valuable.” Horsley’s analysis suggests that Bitcoin’s rally could fuel further upward movement as investors grow more confident.
