Bitcoin on track for $85K, breaks record $82.4K ‘uncharted territory’

Bitcoin is trading successful uncharted territory, perchance approaching the six-figure terms tag for the archetypal clip successful history.

The Bitcoin (BTC) terms broke supra a caller precocious of $82,410 astatine 10:19 americium UTC connected Nov. 11, Bitstamp data shows.

BTC/USD, 1-month chart. Source: TradingView

However, this whitethorn lone beryllium a pitstop for the Bitcoin price, which is expected to breach the $85,000 precocious wrong the adjacent week, according to Ryan Lee, the main expert astatine Bitget Research.

Lee told Cointelegraph:

“This week, we expect the volatility of BTC and ETH to proceed to increase, with imaginable upward breakthroughs followed by accelerated corrections. The predicted scope for BTC this week is betwixt $76,000 and $85,000.”

Bitcoin’s caller precocious comes a week aft Donald Trump won the 2024 statesmanlike election successful the United States, bolstering capitalist appetite for risk-on assets similar Bitcoin.

The Republican statesmanlike victor could acceptable Bitcoin connected a way to breach $100,000 earlier the extremity of the year, Bitget Research’s main expert antecedently told Cointelegraph.

Related: Two Bitcoin whales bargain $142M BTC aft Trump’s win

Options marketplace suggests beardown Bitcoin capitalist sentiment

While immoderate analysts argued that the existent Bitcoin rally lacked the cardinal macroeconomic conditions to scope a caller all-time high, BTC has continued to ascent since Trump’s victory.

Options markets, oregon the “relative prices of telephone and enactment options,” besides constituent to a beardown capitalist sentiment among Bitcoin holders, Lee explained:

“BTC telephone options person go importantly much costly than enactment options, showing a beardown bullish bias and a grade of marketplace statement for further upward movements. This week, we expect the volatility of BTC and ETH to proceed to increase, with imaginable upward breakthroughs followed by accelerated corrections.” 

On Nov. 11, Bitcoin surpassed a record $1.6 trillion marketplace capitalization, arsenic the terms surpassed the $81,000 high.

Related: Trump’s presidency could bring SEC betterment and pro-crypto regulations

Ether terms breaches $3,200, bolstered by Bitcoin’s all-time high

The Ether (ETH) terms could besides payment from Bitcoin’s caller bullish moves.

Ether surpassed $3,200 implicit the weekend, bolstered by Bitcoin breaching the $80,0000 intelligence mark.

ETH&BTC, 1-month chart. Source: Cointelegraph

Bitcoin’s continued rally suggests much upward momentum for Ether during the adjacent week, Lee said. He added:

“ETH is expected to fluctuate betwixt $2,800 and $3,500. Users should workout caution erstwhile utilizing leverage and see taking profits promptly based connected marketplace conditions.”

Ether’s terms is up 29% connected the play chart, surpassing Bank of America’s marketplace capitalization by astir $40 cardinal erstwhile it roseate supra a $383 cardinal marketplace cap.

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