NewsBTC
10 November 2024
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Bitcoin Surges Past $79,000 Mark Following US Election Results

Bitcoin has surpassed the $79,000 mark for the first time, reaching $79,158 on Coinbase on November 10. This surge is attributed to various factors, including the recent US elections and increased inflows into Bitcoin ETFs.

Market analysts suggest that this price breakthrough is just the beginning of a bullish trend. Tuur Demeester, a Bitcoin analyst, advocates for a "HODLing" strategy, advising caution and patience among traders.

Analysts Predict Continued Growth

Demeester believes Bitcoin's rally is in its early stages, with analysts noting that despite reaching an all-time high, there remains potential for further price increases. They point out that Bitcoin's price relative to its 200-day average indicates room for growth.

Potential for Price Surge

Crypto traders express optimistic views on Bitcoin's trajectory, speculating on possible fluctuations in the short term but anticipating continued demand. Bitcoin recently achieved several highs, moving from $73,679 on November 5 to surpass $77,000 by November 8.

Future Price Targets: $85k or Higher

Experts predict Bitcoin could reach between $82,000 and $85,000, with some like Jan Van Eck, CEO of VanEck, suggesting a target as high as $300,000. Van Eck’s assertion is based on Bitcoin potentially achieving half of gold's total market valuation.

Van Eck considers his prediction conservative, supported by increasing interest in Bitcoin, particularly in US BTC ETFs, which saw a $293 million inflow on November 8.

Featured image from Ninja Trader, chart from TradingView