Bitcoin continues to hit new all-time highs, as traders and analysts believe holding is the right thing to do.
Bitcoin (BTC) beat all odds to go beyond the $80,000 mark briefly on November 10, rising from the new all-time high (ATH) it set on the night before Donald Trump’s victory over rival Kamala Harris in the 2024 presidential election.
The asset hit new peaks along the way to go over $80,000 for the first time. Crypto circles erupted over the asset hitting $79,000 over the weekend, but touching $80,000 has brought more excitement for what is in store. Compared to this year’s lowest price of $38,505, BTC has registered about 65% growth with today’s feat.
As the asset was en route to this price point, many traders and analysts took to X to give their takes, all of which mostly revolved around holding—or hodling, should we say?—the asset. Tuur Demeester, a Bitcoin analyst, said when the asset moved beyond $79,000, “This is a time for being right and sitting tight,” adding, “No rash action is needed, HODLing does the work for you.”
More Industry Participants Speak
Lead analyst for Glassnode, James Check, iterated, “Even with these fresh #Bitcoin ATHs, the distance between price and the 200DMA is still cooled off,” referring to the moving day average for BTC. He explained, “The Mayer Multiple Z-Score is only just above 0, meaning we’re near the long-term average (with plenty of room to run).”
“Just minutes after I called it at $78k, Bitcoin’s already hit $79k!” James Mullarney from InvestAnswers, a platform providing crypto analysis, said, followed by, “We’re taking off!”
This move to >79K was not driven by any cheap degen liquidity grab of leveraged positions,” mentioned Cantonese Cat, a pseudonymous analyst and trader. “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.”
Hunter Horsley, CEO at Bitwise Invest, explained that the momentum will only keep growing and pushing BTC prices higher. He compared how the asset works, which is unlike stocks, for crypto investors and traders to understand and make the right decisions during this value surge. Regarding stocks, he said, “At a certain point, people say, ‘This is overvalued’ and become less interested until the price goes down.”
Then, he spoke about BTC, “When Bitcoin’s price goes up, people view it as more likely that it will succeed, and therefore be even more valuable.” Horsley reasoned the price would climb higher because of that.
