Bitcoin price has broken the $79,000 price level for the first time and many traders are sharing the sentiment that "this is just the beginning."
Bitcoin surged past $79,000, setting a new all-time high, with analysts urging patience and caution. In a Nov. 10 post on X, Bitcoin analyst Tuur Demeester reassured followers, writing, "No rash action is needed, HODLing does the work for you." He added, "Steady folks, this is just the beginning. This is a time for being right and sitting tight."
Glassnode's lead analyst, James Check (aka "Checkmatey"), echoed Demeester's sentiment, noting that despite Bitcoin's all-time high, the price is still relatively "cooled off" when compared to the 200-day moving average.
Popular crypto analyst Invest Answers, with over 227,000 followers on X, enthusiastically declared, "We’re taking off!" following the price breach above $79,000. Crypto commentator Rain also joined the excitement, telling their 148,000 followers, "We are so back."
Meanwhile, pseudonymous trader Cantonese Cat suggested the price surge wasn’t driven by speculative leverage but by pure market dynamics, stating, "It just wanted to pump." They added, "So either it goes back down by Monday and this was all a dream, or it was driven by pure spot supply shock and huge demand."
After breaking the previous all-time high of $73,679 on Nov. 5, Bitcoin hit $76,000 on Nov. 6, and then surpassed $77,000 on Nov. 8, continuing its rapid ascent.
The surge prompted Bitwise CEO Hunter Horsley to remind followers that rising prices often lead to increased confidence in Bitcoin’s long-term potential. "When Bitcoin’s price goes up, people view it as more likely that it will succeed, and therefore be even more valuable," Horsley said, suggesting the price could rise even further.
Bitcoin has surged 80% this year, far outpacing the S&P 500’s impressive 25.7% gain. After briefly crossing the $80,000 mark, Bitcoin was trading just under that level by Sunday morning.
The crypto industry sees former President Trump’s potential return as a positive signal for Bitcoin and other digital currencies. While Trump was initially skeptical about Bitcoin, famously dismissing it as “based on thin air,” he has recently warmed to the idea of crypto—unlike the Biden administration, which has been more focused on tightening regulation.
A key reason for Trump’s shift is his growing financial interest in the space. In September, he and his children launched a new crypto venture called World Liberty Financial. “It’s very young and very growing,” Trump said at the launch, adding, “I do believe in it.”
In contrast, the Biden administration has taken a more cautious stance toward cryptocurrency. SEC Chairman Gary Gensler, who took office in 2021, warned that the crypto space was “ripe with fraud, scams, and abuses.” Under his leadership, the SEC has cracked down on crypto companies, sued firms, and launched investigations into major figures like FTX founder Sam Bankman-Fried.
While Gensler’s SEC was slow to approve a Bitcoin exchange-traded fund (ETF), it ultimately allowed it, providing more avenues for people to gain exposure to crypto in retirement accounts. However, in January 2024, Gensler’s X account was hacked, and a false post about the Bitcoin ETF launch briefly sent crypto prices soaring.
Trump has been increasingly vocal about his belief in the future of digital currencies. In August, he said that cryptocurrencies could “define the future” and expressed his desire to see them “mined, minted, and made in the USA.” He also proposed a national bitcoin stockpile, similar to the strategic petroleum reserve, as part of a broader strategy to safeguard U.S. interests in the crypto space.
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