Bitcoin has surged past the $79,000 mark for the first time, hitting several new highs following Donald Trump’s reelection as U.S. president.
On Nov. 10 at 05:00 UTC, Bitcoin reached $79,141 on Coinbase, although analysts cautioned against hasty decisions.
Currently, Bitcoin is trading at $79,658, according to Coinbase data.
Bitcoin analyst Tuur Demeester advised patience in a Nov. 10 X post, stating, “no rash action is needed, HODLing does the work for you.” He added, “$79k Bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight.”
Similarly, Glassnode lead analyst James Check noted that even with Bitcoin at new highs, the “distance” from the 200 Day Moving Average (DMA) remains “still cooled off.”
Popular crypto analyst Invest Answers shared the excitement, telling their 227,400 X followers, “We’re taking off,” while crypto commentator Rain echoed the sentiment, stating, “We are so back” to their 148,000 followers.
Pseudonymous trader Cantonese Cat commented that this price surge wasn’t driven by leveraged positions, claiming, “It just wanted to pump.” They suggested that either the price dips again by Monday, or “it was driven by pure spot supply shock and huge demand.”
After breaking its previous all-time high of $73,679 on Nov. 5, Bitcoin surpassed $76,000 on Nov. 6 and then $77,000 on Nov. 8, continuing its upward trend.
Bitwise Invest CEO Hunter Horsley highlighted the psychology of Bitcoin’s rising price, noting that when Bitcoin climbs, “people view it as more likely that it will succeed, and therefore be even more valuable,” which could push the price even higher.
As he put it, “So it’s likely to go up even further.”
