Bitcoin has surged past the historic $79,000 level, breaking all previous records and sparking optimism across the cryptocurrency market. Bitcoin holders are enjoying this bullish market, and analysts are calling for calm and continued HODLing.
Bitcoin’s New Rise Amid High Demand
The rally began after Donald Trump’s re-election, boosting optimism in the crypto sector. On November 10, Bitcoin reached $79,141 on Coinbase, sparking celebrations and bold forecasts within the community. Bitcoin analyst Tuur Demeester believes this is just the beginning. "No rash action is needed, HODLing does the work for you," Demeester posted on X (formerly Twitter). "This is a time for being right and sitting tight," he added, signaling a renewed wave of support for Bitcoin.
Analysts Highlight Bitcoin’s Stable Foundations
Glassnode lead analyst James Check, known as 'Checkmatey,' emphasized that Bitcoin’s 200 Day Moving Average (DMA) remains well-positioned, providing room for growth. Crypto analysts on social media echoed this sentiment. "We’re taking off," stated Invest Answers to their 227,400 followers, while crypto commentator Rain expressed renewed confidence, tweeting, "We are so back."
Non-Leveraged Rally Shows Strength
Unlike past rallies, analysts claim the current price spike is driven by organic demand rather than high-risk leveraged trading. Pseudonymous trader Cantonese Cat pointed out, "This price spike wasn’t driven by any cheap degen liquidity grab of leveraged positions. It just wanted to pump." The trader suggested that Bitcoin’s current rally is potentially due to limited supply and strong demand, rather than speculative leverage.
Bitcoin’s rapid appreciation has led industry leaders to predict sustained momentum. Bitwise CEO Hunter Horsley recently remarked that Bitcoin’s increasing price boosts its perceived likelihood of success, enhancing both institutional and retail interest. This suggests that Bitcoin may soon challenge the $80,000 mark—and beyond.
