Bitcoin is buying and selling in uncharted territory, probably approaching the six-figure price ticket for the primary time in historical past.
The Bitcoin (BTC) value broke above a brand new excessive of $82,410 at 10:19 am UTC on Nov. 11, Bitstamp knowledge exhibits.
BTC/USD, 1-month chart. Supply: TradingView
Nonetheless, this may increasingly solely be a pitstop for the Bitcoin value, which is anticipated to breach the $85,000 excessive inside the subsequent week, in line with Ryan Lee, the chief analyst at Bitget Analysis.
Lee informed Cointelegraph:
“This week, we anticipate the volatility of BTC and ETH to proceed to extend, with potential upward breakthroughs adopted by fast corrections. The anticipated vary for BTC this week is between $76,000 and $85,000.”
Bitcoin’s new excessive comes per week after Donald Trump gained the 2024 presidential election in the US, bolstering investor urge for food for risk-on property like Bitcoin.
The Republican presidential victor may set Bitcoin on a monitor to breach $100,000 earlier than the tip of the yr, Bitget Analysis’s chief analyst beforehand informed Cointelegraph.
Associated: Two Bitcoin whales purchase $142M BTC after Trump’s win
Choices market suggests sturdy Bitcoin investor sentiment
Whereas some analysts argued that the present Bitcoin rally lacked the basic macroeconomic situations to achieve a brand new all-time excessive, BTC has continued to climb since Trump’s victory.
Choices markets, or the “relative costs of name and put choices,” additionally level to a robust investor sentiment amongst Bitcoin holders, Lee defined:
“BTC name choices have turn into considerably costlier than put choices, exhibiting a robust bullish bias and a level of market consensus for additional upward actions. This week, we anticipate the volatility of BTC and ETH to proceed to extend, with potential upward breakthroughs adopted by fast corrections.”
On Nov. 11, Bitcoin surpassed a report $1.6 trillion market capitalization, as the worth surpassed the $81,000 excessive.
Associated: Trump’s presidency may carry SEC reform and pro-crypto laws
Ether value breaches $3,200, bolstered by Bitcoin’s all-time excessive
The Ether (ETH) value may additionally profit from Bitcoin’s current bullish strikes.
Ether surpassed $3,200 over the weekend, bolstered by Bitcoin breaching the $80,0000 psychological mark.
ETH&BTC, 1-month chart. Supply: Cointelegraph
Bitcoin’s continued rally suggests extra upward momentum for Ether through the subsequent week, Lee mentioned. He added:
“ETH is anticipated to fluctuate between $2,800 and $3,500. Customers ought to train warning when utilizing leverage and take into account taking income promptly primarily based on market situations.”
Ether’s value is up 29% on the weekly chart, surpassing Financial institution of America’s market capitalization by roughly $40 billion when it rose above a $383 billion market cap.
Journal: BTC’s ‘incoming’ $110K name, BlackRock’s $1.1B influx day, and extra: Hodler’s Digest Nov. 3 – 9
