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Bitcoin continues to stir up the market at last Break $79,000 The price of gold rose to a record level for the first time, on Sunday, and is approaching the level of $80,000, thanks to many positive factors, one of which is Donald Trump’s victory in the US elections.
The cryptocurrency market is going through a difficult moment, driven by the US election results and increased inflows into Bitcoin ETFs.
As Bitcoin rewrites bullish price narratives, many market watchers and analysts are sharing their opinions and forecasts. Bitcoin breaking the major $79,000 barrier is just the beginning for many in the industry.
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On Sunday, November 10, Bitcoin reached $79,158 on Coinbase, setting a new all-time high. While some traders look to sell, many analysts recommend approaching the market conservatively and “not making any rash moves.”
Tor Demeester, a Bitcoin analyst, shared on his Twitter/X post that “HODLing” is the best Bitcoin strategy.
$79k Bitcoin, new ATH. Steady people, this is just the beginning. This is the time to be right and sit still. No rash action is needed, HODLing does the work for you. pic.twitter.com/SWBCrQovOu
– Tuur Demeester (@TuurDemeester) November 10, 2024
Analysts expect an uptrend for Bitcoin
Demeester points out that the Bitcoin price rally has only just begun, and that holding onto it is the best strategy. He also shared that this is the best time to sit and wait for more price action. Demeester’s recent post on Bitcoin echoes the sentiments of other Bitcoin market analysts.
Other analysts also shared the same sentiments, saying that although the asset has reached an all-time high, there is still room for an increase, noting that Bitcoin’s distance between the price and its 200-day average remains cool, indicating… More upside.
Prepare for price hikes
Many crypto traders are offering bolder sentiments towards Bitcoin, saying the alpha is headed for a pump. They added that the price may decrease next Monday or continue to rise as demand in the market increases.
Several spikes to new highs have punctuated Bitcoin’s recent market performance. After reaching $73,679 on November 5, the Alpha cryptocurrency rose to $76,000 the next day before reaching $77,000 on November 8.
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Looking ahead: Bitcoin’s next target is $85,000 or higher
Bitcoin is not new to market surprises and crazy price spikes. Some experts expect Bitcoin to reach $82,000 to $85,000 or higher. Analysts like Jan Van Eck, CEO of VanEck, make a bolder claim, suggesting that the price of Bitcoin will reach $300,000 soon.
JUST IN: “Bitcoin will be worth half of all gold outstanding, so roughly $300,000 USD for #Bitcoin“
revision. Bitcoin will overtake gold 🚀 pic.twitter.com/JuAohgtb6t
— Simply Bitcoin (@SimplyBitcoinTV) November 8, 2024
According to Van Eck, the target price remains conservative, and he expects the coin to easily approach half the total value of gold.
Market data supports Van Eck’s analysis and other analysts’ forecasts. According to recent reports, there is a growing interest in Bitcoin, especially in US Bitcoin ETFs. On November 8th, the market enjoyed an inflow of $293 million into ETFs, although this was $1 billion below the previous day’s performance.
Featured image from Ninja Trader, chart from TradingView