As a seasoned crypto investor with a decade of experience under my belt, I must say that the current Bitcoin price surge is nothing short of exhilarating. I remember when BTC was trading below $10,000 just a few years ago, and now we’re teetering on the edge of six figures. It’s like watching a rocket take off into the cosmos!
For the first time ever, Bitcoin’s current market value could be nearing the six-digit range, a territory it has never ventured into before.
At 10:19 am UTC on November 11th, the value of a single Bitcoin (BTC) surpassed its previous peak and reached $82,410, as indicated by Bitstamp’s data.
Nonetheless, the current Bitcoin price could merely be a temporary halt, as per predictions by Ryan Lee, Chief Analyst at Bitget Research, who anticipates it surpassing its previous high of $85,000 within the ensuing seven days.
Lee told CryptoMoon:
“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.
If the winner of the upcoming U.S. Presidential election favors Bitcoin, the cryptocurrency could potentially reach over $100,000 by the end of this year, as suggested by Bitget Research’s top analyst in previous statements to CryptoMoon.
Options market suggests strong Bitcoin investor sentiment
Although certain analysts believed that the recent surge in Bitcoin’s price did not have the necessary underlying economic factors to set a new record high, Bitcoin has persisted in its upward trend since Donald Trump’s election victory.
In simpler terms, the dynamics between call and put options in the Bitcoin options market indicate a robust confidence among Bitcoin investors, as Lee pointed out.
“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 November 11th, the value of Bitcoin reached an unprecedented market cap of $1.6 trillion, with its price soaring above the $81,000 peak.
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.
According to Lee’s analysis, the ongoing surge in Bitcoin‘s value indicates a potential increase in Ether’s price over the coming week as well. He further noted:
“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.
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2024-11-11 15:55