Bitcoin on track for $85K, breaks record $82.4K ‘uncharted territory’
Source: Coin Tegraph
Bitcoin is trading in uncharted territory, potentially approaching the six-figure price tag for the first time in history.
The Bitcoin (BTC) price broke above a new high of $82,410 at 10:19 am UTC on Nov. 11, Bitstamp data shows.
BTC/USD, 1-month chart. Source: TradingView
However, this may only be a pitstop for the Bitcoin price, which is expected to breach the $85,000 high within the next week, according to Ryan Lee, the chief analyst at Bitget Research.
Lee told Cointelegraph:
“This week, we expect the volatility of BTC and ETH to continue to increase, with potential upward breakthroughs followed by rapid corrections. The predicted range for BTC this week is between $76,000 and $85,000.”
Bitcoin’s new high comes a week after Donald Trump won the 2024 presidential election in the United States, bolstering investor appetite for risk-on assets like Bitcoin.
The Republican presidential victor could set Bitcoin on a track to breach $100,000 before the end of the year, Bitget Research’s chief analyst previously told Cointelegraph.
Related: Two Bitcoin whales buy $142M BTC after Trump’s win
Options market suggests strong Bitcoin investor sentiment
While some analysts argued that the current Bitcoin rally lacked the fundamental macroeconomic conditions to reach a new all-time high, BTC has continued to climb since Trump’s victory.
Options markets, or the “relative prices of call and put options,” also point to a strong investor sentiment among Bitcoin holders, Lee explained:
“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 the volatility of BTC and ETH to continue to increase, with potential upward breakthroughs followed by rapid corrections.”
On Nov. 11, Bitcoin surpassed a record $1.6 trillion market capitalization, as the price surpassed the $81,000 high.
Related: Trump’s presidency could bring SEC reform and pro-crypto regulations
Ether price breaches $3,200, bolstered by Bitcoin’s all-time high
The Ether (ETH) price could also benefit from Bitcoin’s recent bullish moves.
Ether surpassed $3,200 over the weekend, bolstered by Bitcoin breaching the $80,0000 psychological mark.
ETH&BTC, 1-month chart. Source: Cointelegraph
Bitcoin’s continued rally suggests more upward momentum for Ether during the next week, Lee said. He added:
“ETH is expected to fluctuate between $2,800 and $3,500. Users should exercise caution when using leverage and consider taking profits promptly based on market conditions.”
Ether’s price is up 29% on the weekly chart, surpassing Bank of America’s market capitalization by approximately $40 billion when it rose above a $383 billion market cap.
Magazine: BTC’s ‘incoming’ $110K call, BlackRock’s $1.1B inflow day, and more: Hodler’s Digest Nov. 3 – 9
