Bitcoin hit a record high of $79,141 on Nov. 10, following multiple new peaks during the week.
Analysts attribute the surge to spot-driven demand and strong fundamentals.
Experts suggest Bitcoin’s rising price could encourage further investment and continued growth.
Bitcoin soared above $79,000 for the first time, reaching $79,656 on Nov. 10 at 08:00 UTC on Coinbase. This significant milestone followed a week of rapid price increases, ignited after Donald Trump’s reelection as president of the United States. The cryptocurrency has repeatedly breached new highs over the past week, initially surpassing $73,679 on Nov. 5, then climbing above $76,000 on Nov. 6, and pushing past $77,000 on Nov. 8.
Analysts Urge Patience Amid Market Excitement
Consequently, the bullish market sparked a wave of optimistic reactions among analysts and traders. Bitcoin analyst Tuur Demeester cautioned traders to maintain composure, stating, “No rash action is needed, HODLing does the work for you.” Demeester emphasized that while the recent surge is notable, it signals only the beginning of what could be a longer-term trend.
https://twitter.com/TuurDemeester/status/1855475844367413564
Notably, this sentiment was echoed by Glassnode lead analyst James Check, known by the pseudonym “Checkmatey,” who pointed out that despite the new all-time high, the gap between Bitcoin’s price and its 200-Day Moving Average remains “cooled off.”
Additionally, prominent crypto analyst Invest Answers added to the wave of optimism, sharing with 227,400 followers on X that Bitcoin is indeed “taking off.” The rally has reignited confidence among investors who see the rise as a harbinger of sustained growth.
Market Participants Highlight Spot-Driven Demand
Furthermore, various market commentators noted that the current price movement lacks the typical signs of leveraged trading and appears to be driven by pure spot demand. Pseudonymous trader Cantonese Cat remarked, “This time around, the price spike was not driven by any cheap degen liquidity grab of leveraged positions. It just wanted to pump.” They highlighted that this indicates strong market fundamentals and sustained buying interest.
Moreover, Cantonese Cat also mentioned that the coming days could determine whether this surge holds or retreats. They explained that a potential fallback could occur if this surge fails to sustain momentum by early next week. Nevertheless, many believe that the current growth signals a new era of heightened value for Bitcoin, supported by genuine demand.
Industry Leaders Predict Further Price Increases
In addition, Bitwise Invest CEO Hunter Horsley weighed in on the potential future trajectory of Bitcoin. He noted that rising prices often lead to increased optimism about Bitcoin’s success, making it appear more valuable rather than overvalued. Horsley emphasized that this perception could encourage more investments, likely driving prices even higher.
Therefore, with this rapid price ascent, many industry participants are closely watching for signals of continued strength. The current phase may mark the beginning of another extended bullish period for the cryptocurrency market. Analysts suggest that Bitcoin's continued performance will likely shape the market's momentum in the weeks to come.
The post Bitcoin Surges Past $79K as Analyst Advises Caution appeared first on Crypto News Land.
