2024-11-11 12:19 |
[Update: Title and price – within 45 minutes of publication, Bitcoin formed the 12th all-time high of the week, breaking $82,000]
Bitcoin reached a new all-time high of $81,846 on Monday, extending its rally following Donald Trump’s victory in the US presidential election. Bitcoin has surged over 17% in the past week, fueled by optimism around Trump’s pro-crypto stance and strong inflows into Bitcoin ETFs.
After 9 months of trading within a fixed price range between $49,600 and $73,700, Bitcoin finally hit a new all-time high on Nov. 6. Since it has entered price discovery, marking new peaks on the 30-minute timeframe 11 times in five days.
Bitcoin all-time high (Source: TradingView)A new channel predicted between $73,700 and $77,000 was blown away over the weekend as Bitcoin broke $80,000 with ease. A lack of sell pressure or open interest from shorts at these levels has allowed Bitcoin to explore higher prices.
The price surge pushed Bitcoin past its previous record high of $77,200 set just days earlier. Investors are increasingly bullish, with some analysts predicting Bitcoin could reach $100,000 or higher in the coming months. VanEck CEO Jan van Eck suggested Bitcoin’s value could eventually reach half that of all outstanding gold, implying a price of around $300,000.
The rally also coincides with record inflows into US Bitcoin ETFs, with over $1 billion invested in a single day last week. This institutional demand, coupled with retail investor enthusiasm, is driving Bitcoin’s price momentum.
Other cryptocurrencies are also benefiting, with Ethereum approaching $3,200, Solana breaking $210, and smaller altcoins posting significant gains. The total crypto market capitalization has surged to $2.76 trillion, reflecting broad-based interest across the digital asset space.
The post Bitcoin’s new all-time high is $82,087 after bullish weekend appeared first on CryptoSlate.
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