BTC Hits New All-Time High, Surpassing $81,000, Analysts Declare Bitcoin Season
- Over the weekend, Bitcoin reached a new record high of US$80,849 and then surged to US$81,474 despite a brief dip.
- The cryptocurrency’s recent 17.75% rally is largely attributed to Donald Trump’s re-election, favoured by the crypto community.
- Galaxy Digital predicts Bitcoin and other digital assets will soar past current highs, citing a shift in regulatory winds to a more supportive stance.
- Beyond Trump, analysts say Bitcoin has entered into maximum strength phase and declared this Bitcoin season.
Over the weekend Bitcoin broke a number of records, hitting US$80k (AU$121.33k) for the first time ever, clocking in at US$80,849 (AU$122,629) on early Monday morning, Australian Time.
A 2.3% dip took the top crypto well below US$80k, only to rally straight up again, making a new all-time high at US$81,474.41 (AU$123,583.81). All in all, BTC has rallied 17.75% in the past week, following Donald Trump’s election win.
Bitcoin (BTC), weekly chart, source: CoinMarketCap
Trump Win Boosts Bitcoin, “No One Bullish Enough”
It’s fair to say that much of this recent boost to Bitcoin (and altcoins surged too) comes with the Trump win. Trump, heavily favoured by the crypto crowd, has made several promises which should be bullish for crypto, for weeks to come.
Related: Trump Made Big Promises for Crypto, Here’s What’s Next According to Experts
Advertisement
The head of research at Galaxy Digital, Alex Thorn, said in a note last Friday that they expect “bitcoin and other digital assets will trade significantly higher than the current all-time high”.
He said the obstacles of past days, i.e. lawsuits and regulatory uncertainty, seem to now “shift to a tailwind”, adding that “no one is bullish enough”.
Crypto is poised to enter a golden era. Trump has promised to make America the ‘crypto capital of the world’ and his high level team is filled with strong crypto advocates. The pro-crypto nature of his team, family, and donors increases the likelihood that Trump follows through on his campaign promises to the industry.
Alex Thorn, Galaxy Digital
Bitcoin Enters “Saiyan Mode” Analysts Say
But according to Swissblock analysts, Trump’s not really the reason why the crypto market is flying. No, according to their analysis, it’s Bitcoin season and the OG crypto is in full Saiyan mode.
Bitcoin’s price momentum is fully bullish, naturally in a Bitcoin season, with zero risk and strong fundamentals—Bitcoin is in ‘Saiyan mode’.
Swissblock
The Dragon Ball-inspired reference is matched by Swissblock’s Speedometers, which show low market risk, paired with strong on-chain fundamentals and a bullish price momentum.
Swissblock Speedometers, source: Swissblock
Related: Ethereum Foundation Launches Mekong Testnet to Pilot Revolutionary Pectra Upgrade
And another well-known crypto analyst, Rekt Capital, reminds us that in past cycles, Bitcoin experienced extended periods of gains before any meaningful correction happened. Currently, we are just in week one of a new potential uptrend – let that sink in.
In the 2017 cycle, it took 8 weeks of upside into Price Discovery before #BTC experienced any sort of deeper pullback
In the 2020/2021 cycle, $BTC rallied 4 weeks into Price Discovery before a deeper pullback
It's only Week 1 right now#Crypto #Bitcoin
— Rekt Capital (@rektcapital) November 10, 2024
