Christian Encila
Bitcoin continues to excite the market, finally breaking the $79k level for the first time, Sunday — and nearing the vaunted $80k level, courtesy of many positive factors, one of which is the US election win of Donald Trump.
The cryptocurrency market is having a moment, driven by the results of the US elections and the surge of inflows to Bitcoin ETFs.
As Bitcoin rewrites its bullish price narratives, many market watchers and analysts share their opinions and outlook. Bitcoin’s breach of the key $79,000 barrier is just the beginning for many in the industry.
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On Sunday, November 10th, BTC reached $79.158 on Coinbase, hitting a new all-time high. While some traders look at selling, many analysts recommend playing the market conservatively and “not making any impulsive moves.”
Tuur Demeester, a Bitcoin analyst, shared on his Twitter/X post that “HODLing” is the best Bitcoin strategy.
$79k bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight. No rash action is needed, 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 rally is just starting, and holding is the best strategy. He further shared that now’s 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 also shared the same sentiment, saying that although the asset has reached an all-time high, there’s still room for increase, pointing out that Bitcoin’s distance between price and its 200-day average is still cooled off, suggesting more upside.
Primed For Price Surge
Many crypto traders offer a bolder sentiment on Bitcoin, saying the alpha coin is destined to pump. They added that the price may drop this coming Monday or continue its upside with increasing market demand.
Several rallies to new highs punctuated Bitcoin’s recent market performance. After hitting $73,679 on November 5th, the alpha crypto surged to $76k the next day before topping the $77k level on November 8th.
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Looking Ahead: Bitcoin’s Next Target Is $85k Or Higher
Bitcoin isn’t new to market surprises and crazy price runs. Some experts count Bitcoin to hit $82k to $85k or even higher. Analysts like Jan Van Eck, CEO of VanEck, make a bolder claim, suggesting that Bitcoin will hit $300k soon.
JUST IN: VanEck says “Bitcoin’s value will be half of all the 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 coin can easily approximate half of gold’s total valuation.
Market data back Van Eck’s analysis and the projections of other analysts. According to recent reports, there is a growing interest in Bitcoin, mainly in US BTC ETFs. On November 8th, the market enjoyed a $293 million inflow into ETFs, although this was a billion lower than its previous day’s performance.
Featured image from Ninja Trader, chart from TradingView