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Bitcoin finally continues to excite the market breaking the $79k mark for the first time on Sunday – and is approaching the vaunted $80,000 level, thanks to many positive factors, including Donald Trump’s US election victory.
The cryptocurrency market is having a moment, driven by the results of the US elections and the surge in inflows into Bitcoin ETFs.
As Bitcoin rewrites its bullish price narratives, many market watchers and analysts are sharing their opinions and outlooks. Bitcoin’s breach of the key barrier at $79,000 is just the beginning for many in the industry.
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On Sunday, November 10, BTC reached $79,158 on Coinbase, setting a new all-time high. While some traders are looking to sell, many analysts recommend playing the market conservatively and “avoid making impulsive moves.”
Tuur Demeester, a Bitcoin analyst, shared on his Twitter/X post that “HODLing” is the best Bitcoin strategy.
$79k bitcoin, new ATH. Stable people, this is just the beginning. This is a time to be right and sit tight. There is no need for hasty action, HODLing does the work for you. pic.twitter.com/SWBCrQovOu
— Tuur Demeester (@TuurDemeester) November 10, 2024
Expect a Bullish Trend for Bitcoin, Analysts Say
Demeester suggests that Bitcoin’s price rise has only just begun and that holding on is the best strategy. He further shared that this is the best time to sit tight and wait for further price action. Demeester’s recent post on Bitcoin echoes the sentiment of other Bitcoin market analysts.
Other analysts shared the same sentiment, saying that while the value has reached an all-time high, there is still room for upside. They point out that Bitcoin’s distance between its price and the 200-day average has still cooled, indicating more upside potential.
Ready for price increase
Many crypto traders have stronger sentiments about Bitcoin, saying the alpha coin is destined to pump. They added that the price could drop next Monday or continue its rise with increasing market demand.
Several rallies to new highs underlined Bitcoin’s recent market performance. After reaching $73,679 on November 5, the alpha crypto rose to $76k the next day before reaching the $77k level on November 8.
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Looking ahead, Bitcoin’s next target is $85,000 or higher
Bitcoin is not new when it comes to market surprises and crazy price increases. Some experts expect Bitcoin to reach $82,000 to $85,000 or even higher. Analysts like Jan Van Eck, CEO of VanEck, make a stronger claim, suggesting that Bitcoin will soon reach $300,000.
Just in: VanEck says: “The value of Bitcoin will be half of all gold outstanding, so something like $300,000 for #Bitcoin”
CORRECTION. Bitcoin will overtake gold 🚀 pic.twitter.com/JuAohgtb6t
— Simply Bitcoin (@SimplyBitcoinTV) November 8, 2024
According to Van Eck, his price target is still conservative and he expects that coins can easily approach half of the total gold value.
Market data supports Van Eck’s analysis and other analysts’ projections. According to recent reports, there is a growing interest in Bitcoin, especially in US BTC ETFs. On November 8, the market enjoyed inflows of $293 million into ETFs, although this was a billion lower than the previous day’s performance.
Featured image of Ninja Trader, chart from TradingView