Bitcoin is trading in uncharted territory, potentially approaching a six-figure price for the first time in history following Donald Trump’s victory in the US presidential election.
Bitcoin (BTC) price crossed a new high of $82,410 at 10:19 AM UTC on November 11, Bitstamp reported. Data He appears.
BTC/USD, 1-month chart. Source: Trading View
However, this may just be a stopping point for Bitcoin’s price, which is expected to cross the $85,000 level over the next week, according to Ryan Lee, senior analyst at Bitget Research.
Lee told Cointelegraph:
“This week, we expect BTC and ETH volatility to continue to increase, with potential bullish breakouts followed by quick corrections. The expected range for BTC this week is between $76,000 and $85,000.
Trump’s election victory has boosted investors’ appetite for high-risk assets like Bitcoin.
The Republican president-elect could put Bitcoin on track to surpass $100,000 before the end of the year, a senior analyst at Bitget Research previously told Cointelegraph.
Related to: Two Bitcoin whales bought $142 million worth of Bitcoin after Trump’s win
The options market indicates strong sentiment among Bitcoin investors
While some analysts have argued that Bitcoin’s current rally lacks the underlying macroeconomic conditions to reach an all-time high, Bitcoin has continued to rise since Trump’s victory.
Lee explained that options markets, or “the relative prices of call and put options,” also indicate strong investor sentiment among Bitcoin holders:
“BTC call options have become significantly more expensive than put options, showing a strong bullish bias and a degree of market consensus for further upward movements. This week, we expect Bitcoin and Ethereum volatility to continue to increase, with potential bullish breakouts followed by quick corrections.
On November 11, Bitcoin also surpassed the record market cap of $1.6 trillion, with the price surpassing a high of $81,000.
Related to: A Trump presidency could bring SEC reforms and pro-crypto regulations
Ether price crosses $3,200, supported by Bitcoin’s all-time high
The price of Ethereum (ETH) could also benefit from Bitcoin’s recent upward moves.
Ether surpassed $3,200 over the weekend, supported by Bitcoin breaching the psychological mark of $80,0000.
Ethereum and Bitcoin, 1-month chart. Source: Cointelegraph
Lee said that Bitcoin’s continued rise indicates more bullish momentum for ether over the next week. He added:
“ETH prices are expected to range between $2,800 and $3,500. Users should be careful when using leverage and consider taking profits immediately based on market conditions.
Ethereum’s price rose 29% on the weekly chart, surpassing Bank of America’s market capitalization by about $40 billion when it surpassed its market cap of $383 billion.
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