Bitcoin Market Excitement Continues, Finally Breaking the $79k Level for the First Time

The cryptocurrency market is having a moment, driven by the results of the US elections and the surge of inflows to Bitcoin ETFs.

Bitcoin price finally breached the $79k level on Sunday, inching closer to the vaunted $80k mark, thanks to several bullish factors, including Donald Trump's US election win.

The cryptocurrency market is seeing a bullish moment, driven by the US election results and the surge of inflows to Bitcoin ETFs.

As Bitcoin continues to rewrite its bullish price narratives, many market watchers and analysts are sharing their opinions and outlook. To the surprise of many in the industry, Bitcoin's breach of the key $79,000 barrier is just the beginning.

On Sunday, the BTC price reached $79.158 on Coinbase, hitting a new all-time high. As some traders consider selling, many analysts recommend playing the market conservatively and “not making any impulsive moves.”

Bitcoin Price Analysis: HODLing Is Still The Best Strategy, Analyst Says

Tuur Demeester, a Bitcoin analyst, shared on his Twitter/X post that “HODLing” is the best Bitcoin strategy.

Demeester suggests that the Bitcoin price rally is just starting, and holding is the best strategy. He further shared that now is the best time to sit tight and wait for further price action. Demeester's recent post on Bitcoin echoes the sentiment of other Bitcoin market analysts.

Other analysts shared the same sentiment, adding that despite the asset class reaching a new all-time high, there is still room for increase, considering that Bitcoin's distance between price and its 200-day average is still cooled off, suggesting more upside.

Bitcoin Is Primed For Another Price Surge – Expect A Bullish Trend For Bitcoin, Analysts Say

Many crypto traders expressed a bolder sentiment on Bitcoin, saying the alpha coin is destined to pump. They added that the price may drop this coming Monday or continue its upside with increasing market demand.

Bitcoin's recent market performance saw several rallies to new highs. After hitting $73,679 on November 5th, the alpha crypto surged to $76k the next day before topping the $77k level on November 8th.

Looking Ahead: Bitcoin's Next Target Is $85k Or Higher

Bitcoin is no stranger to market surprises and crazy price runs. As some experts count on it, Bitcoin is destined to hit $82k to $85k or even higher. Analysts like Jan Van Eck, CEO of VanEck, make a bolder claim, suggesting that Bitcoin will hit $300k soon.

According to Van Eck, his price target is still conservative, and he expects that the coin can easily approximate half of gold's total valuation.

Recent reports show a growing interest in Bitcoin, especially in US BTC ETFs, which seems to be backing Van Eck's analysis and the projections of other analysts. On November 8th, the market enjoyed a $293 million inflow into ETFs, although this was a billion lower than its previous day's performance.

Featured image from Ninja Trader, chart from TradingView