Bitcoin (BTC) Soars Above $79K for the First Time as Traders Say 'This Is Just the Beginning'

Bitcoin analyst Tuur Demeester wrote in a Nov. 10 Twitter post that “no rash action is needed, HODLing does the work for you.”

Bitcoin ( BTC ) price soared above the $79,000 level for the first time ever on Thursday in a week that saw the cryptocurrency hit multiple new highs since Donald Trump was reelected as president of the United States.

‘This is just the beginning,’ say traders

Bitcoin price hit $79,141 on major cryptocurrency exchange Coinbase at 05:00:05 UTC on Nov. 10. However, traders were quick to warn against making any impulsive moves.

Bitcoin was trading at $79,658 at the time of publication. Source: Coinbase

“No rash action is needed, HODLing does the work for you. Enjoy the ride up and down. It's a beautiful thing. Relax. Breathe. And don't trade too much,” wrote Bitcoin analyst Tuur Demeester in a Nov. 10 Medium post, adding:

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Glassnode lead analyst James Check aka “Checkmatey” shared a similar sentiment, explaining that despite Bitcoin hitting new all-time highs, “the distance” between the price and the 200 Day Moving Average (DMA) is “still cooling off.”

Popular crypto analyst Invest Answers told their 227,400 Medium followers, “We’re taking off,” after Bitcoin smashed through the $79,000 price point.

Meanwhile, crypto commentator Rain told their 148,000 Medium followers, “We are so back.”

Bitcoin ‘just wanted to pump,’ says trader

Pseudonymous crypto trader Cantonese Cat said that this time around, the price spike “was not driven by any cheap degen liquidity grab of leveraged positions. It just wanted to pump.”

“So either it goes back down by Monday and this was all a dream, or it was driven by pure spot supply shock and huge demand,” they added.

Related: Bitcoin up 1,900% in Trump’s first term: Will BTC price hit $1M this time?

Bitcoin hit multiple new highs after smashing through its previous all-time high of $73,679 on Nov. 5, with the cryptocurrency surging past the $76,000 mark the next day on Nov. 6, before breaking through $77,000 on Nov. 8.

The surge prompted Bitwise Invest CEO Hunter Horsley to tell his followers that “when Bitcoin’s price goes up, people view it as more likely that it will succeed, and therefore be even more valuable,” rather than being overvalued.

“So it’s likely to go up even further,” Horsley said.

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