Bitcoin Closing In On $80,000 For Record-Breaking Run After Trump Win
10 Novembre 2024 - 7:30PM
NEWSBTC
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. Related Reading: Chainlink
125% Target In Sight As Whale, On-Chain Activity Soar—Analyst 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. Related Reading:
XRP On Fire: Analyst Predicts $4 Milestone As Token Rallies 11%
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
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