Bitcoin is trading at unprecedented levels, nearing a potential six-figure valuation following Donald Trump’s recent win in the U.S. presidential election.
On Nov. 11, Bitcoin’s price surged past $82,410 at 10:19 am UTC, according to Bitstamp data, setting a new record.
Ryan Lee, chief analyst at Bitget Research, suggests this could be a brief stop before Bitcoin advances further, possibly reaching $85,000 within the week.
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.”
Trump’s election victory has spurred increased interest in high-risk assets like Bitcoin, and some analysts at Bitget believe this momentum could push Bitcoin past the $100,000 mark before the year’s end.
Options markets reflect strong investor confidence in Bitcoin’s upward trajectory, with Lee explaining that “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.”
As of Nov. 11, Bitcoin’s market cap has exceeded $1.6 trillion as its price continues to climb.
Ether is also rallying, benefitting from Bitcoin’s record-breaking performance.
Over the weekend, Ether broke past $3,200, lifted by Bitcoin’s surge past $80,000.
Lee commented that “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 has risen 29% over the week, with its market cap surpassing that of Bank of America by around $40 billion as it crossed the $383 billion threshold.