Bitcoin's price has soared above the $79,000 level for the first time ever in a week during which it reached several new highs since Donald Trump was reelected as president of the United States.
‘This is just the beginning,’ says traders
On Nov. 10, 05:00 UTC, Bitcoin (BTC) reached $79,141 on the cryptocurrency exchange Coinbase. However, traders warned not to make any impulsive moves just yet.
Bitcoin is trading at $79,658 at the time of publication. Source: Coinbase
Bitcoin analyst Tuur Demeester wrote in a Nov. 10 X post that “no rash action is needed, HODLing does the work for you.” He further stated:
“$79k Bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight.”
Glassnode lead analyst James Check aka “Checkmatey” shared a similar sentiment, explaining that even though Bitcoin has reached new all-time highs, “the distance” between the price and the 200 Day Moving Average (DMA) is “still cooled off.”
Popular crypto analyst Invest Answers told their 227,400 X followers, “We’re taking off,” following Bitcoin breaking through the $79,000 price.
Meanwhile, crypto commentator Rain stated, “We are so back” to their 148,000 X followers.
Bitcoin ‘just wanted to pump,’ says trader
Pseudonymous crypto trader Cantonese Cat claimed that this time around, the price spike “was not driven by any cheap degen liquidity grab of leveraged positions. It just wanted to pump.”
“So either it goes back down by Monday and this was all a dream, or it was driven by pure spot supply shock and huge demand,” they added.
Related: Bitcoin gained 1,900% in Trump’s first term: Will BTC price hit $1M this time?
After breaking its $73,679 all-time high on Nov. 5, Bitcoin reached several new highs, surpassing $76,000 the next day on Nov. 6, and then breaking through $77,000 on Nov. 8.
The surge prompted Bitwise Invest CEO Hunter Horsley to reiterate to his followers that “when Bitcoin’s price goes up, people view it as more likely that it will succeed, and therefore be even more valuable,” instead of being overvalued.
“So it’s likely to go up even further,” Horsley claimed.
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