Bitcoin has soared past a historic $79,000 level, smashing all previous records and sending an electric wave through the crypto market. With several analysts now calling for calm and continued HODLing, Bitcoin holders are reveling in this bullish surge, and sentiment across the board suggests this rally is just beginning.
Bitcoin Reaches New Highs Amid Growing Demand
The rally kicked off after Donald Trump’s re-election spurred optimism in the crypto sector, with Bitcoin reaching a succession of new highs since the election. On Nov. 10, Bitcoin hit $79,141 on Coinbase, sparking celebrations and bold forecasts across the community. Some prominent figures, including Bitcoin analyst Tuur Demeester, believe 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 Point to Stable Foundations in Bitcoin’s Growth
Beyond market sentiment, Bitcoin’s fundamentals appear strong. Glassnode lead analyst James Check, known as “Checkmatey,” highlighted that Bitcoin’s 200 Day Moving Average (DMA) is still well-positioned, providing room for further growth. Crypto analysts on social media echoed this view, with Invest Answers sharing their excitement, stating to their 227,400 followers, “We’re taking off,” while crypto commentator Rain expressed renewed confidence, tweeting, “We are so back.”
Not Driven by Leverage, This Rally Shows Strength
Unlike past rallies, analysts claim this surge 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 could be a result of limited supply and robust demand rather than speculative leverage, a factor that has caused corrections in the past.
Institutional Optimism: Bitcoin’s Value Seen as “Likely to Keep Rising”
This rapid appreciation has led industry leaders to predict sustained momentum for Bitcoin. Bitwise CEO Hunter Horsley recently noted, “When Bitcoin’s price goes up, people view it as more likely to succeed, and therefore even more valuable.” Unlike stocks, Bitcoin’s appeal increases as prices rise, which is why institutional and retail interest could stay high as the market pushes to new highs. Horsley believes that this dynamic sets Bitcoin apart, indicating that, instead of a potential bubble, the asset is strengthening its foothold in global finance.
What Lies Ahead: Analysts Eye Even Higher Peaks
Bitcoin’s latest price action shows an impressive bull run that may carry the market through to even higher levels. Bitwise CEO Hunter Horsley and others emphasize the unique psychology behind Bitcoin’s valuation, where increased price heightens investor confidence rather than overvaluation fears. As analysts forecast continued growth and confidence mounts, it appears Bitcoin may soon challenge the $80,000 mark — and beyond.
Disclaimer: This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.