Bitcoin has crossed the $79,000 mark for the first time, sparking optimism among traders who believe this could mark the start of a long-term bull run. However, analysts are warning against reckless trading.
Bitcoin’s value has caught the attention of the cryptocurrency market, hitting an all-time high of $79,141 on November 10 at 05:00 UTC on Coinbase. This historic surge follows multiple gains since Donald Trump was re-elected as US president, with traders and analysts suggesting that Bitcoin’s rally may just be getting started.
"Holding the currency is the solution," analysts say.
While the excitement around Bitcoin’s price rally is palpable, leading cryptocurrency analysts advise against making hasty trading decisions. Renowned Bitcoin analyst Tor Demeester emphasized a cautious approach, advising investors to simply hold onto their Bitcoin holdings. “$79k Bitcoin, new all-time high. Guys, this is just the beginning,” Demeester posted on X, emphasizing the importance of patience.
Likewise, Glassnode’s lead analyst, James Check, known as “Checkmatey,” highlighted that the current price is still within a relatively healthy range relative to the 200-day moving average (DMA), indicating a stable uptrend.
Market sentiment points to further gains.
Popular crypto analysts on X, such as Invest Answers, expressed their enthusiasm for Bitcoin’s rally, telling followers that the crypto market is “taking off.” Another crypto influencer, Rain, celebrated the price action with the comment “We’re back,” reflecting the community’s optimistic mood.
Trader Cantonese Cat added that this price surge is not linked to high-leverage positions or sudden liquidity runs, which often lead to volatility. Instead, it appears to be driven by “pure spot supply shocks and massive demand,” suggesting that Bitcoin’s bull run could be more sustainable this time around.
Bitcoin's $79K Price Hits Week of New Highs
Bitcoin’s price rally began with a break of its previous all-time high of $73,679 on November 5, followed by additional all-time highs on November 6 and 8, reaching $76,000 and $77,000, respectively. This week of price gains highlights the growing interest in Bitcoin’s potential as a long-term asset, especially during times of economic uncertainty.
Hunter Horsley, CEO of Bitwise Invest, spoke about the psychological impact of Bitcoin price action, noting that “when Bitcoin goes up, people see it as more likely to succeed, and therefore it becomes more valuable.” Horsley’s analysis suggests that Bitcoin’s price rise could fuel further upward movement as investor confidence grows.
