Bitcoin has officially crossed the $79,000 threshold, marking a historic milestone for the cryptocurrency. This surge comes during a week of significant price movements, coinciding with Donald Trump’s reelection as President of the United States, leading many traders to express optimism that this is merely the beginning of a larger upward trend.
A New Milestone
On November 10 at 05:00 UTC, Bitcoin reached a peak of $79,285 on Coinbase, with some reports indicating it hit $79,141 shortly thereafter. Despite this impressive rally, seasoned traders are advising against making hasty decisions in response to the price surge.
Bitcoin analyst Tuur Demeester took to X (formerly Twitter) on November 10 to emphasize that “no rash action is needed; HODLing does the work for you.” He further noted, “With Bitcoin at $79K, we’ve hit a new all-time high. Stay steady; this is just the beginning. Now is the time to be patient.”
Market Sentiment
Echoing Demeester’s perspective, James Check, lead analyst at Glassnode and known as “Checkmatey,” pointed out that while Bitcoin has achieved new highs, the gap between its current price and the 200-day moving average remains relatively stable. This suggests that there may still be room for growth without immediate concerns of overextension.
Popular crypto analyst Invest Answers shared his enthusiasm with his 227,400 followers on X, stating, “We’re taking off!” Meanwhile, crypto commentator Rain, with 148,000 followers, proclaimed, “We are so back,” reflecting a broader sentiment of renewed confidence in Bitcoin’s trajectory.
Diverging Views on Price Drivers
Pseudonymous trader Cantonese Cat offered a different perspective on the recent price spike. They argued that this surge was not fueled by speculative trading or leveraged positions but rather by genuine demand and limited supply. “This time around, it just wanted to pump,” they remarked. “Either we see a pullback by Monday—making this all a dream—or it’s driven by pure spot supply shock and immense demand.”
Historical Context
Following its previous all-time high of $73,679 set on November 5, Bitcoin has consistently broken through key resistance levels—surpassing $76,000 on November 6 and reaching over $77,000 by November 8. This upward momentum has led Hunter Horsley, CEO of Bitwise Invest, to remind his followers that rising prices often enhance perceptions of Bitcoin’s potential success and value rather than indicating overvaluation.
