30s Summary

Bitcoin set a new record by reaching a value of $82,410 on November 11. Despite concerns over fluctuating macroeconomic conditions, the price is predicted to cross the $85,000 threshold, according to Ryan Lee from Bitget Research. Bitcoin’s historic record took place one week after Donald Trump’s 2024 presidential election victory. Lee suggests this win has encouraged investor interest in riskier assets like Bitcoin, potentially driving its price over $100,000 before the end of the year. Ethereum also benefited from Bitcoin’s surge, exceeding the $3,200 mark during the weekend. Lee warned users about leveraging, advising a focus on quick-profit taking.

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Bitcoin is moving into uncharted grounds, as it edges closer to busting through the monumental $100,000 value for the first time ever.

Bitcoin’s price cranked up the heat by setting a new record, breaking through $82,410 at 10:19am UTC on November 11, as Bitstamp data revealed.

But this record might just be a quick stopover, as Bitcoin’s price is forecasted to cross the $85,000 threshold in the upcoming week, says Ryan Lee, the top analyst at Bitget Research.

Lee in his chat with Cointelegraph predicted this week will see Bitcoin and Ethereum (ETH) demonstrate increased volatility, with the possibility of more price increases quickly followed by rapid drops. He expects Bitcoin to fluctuate between $76,000 and $85,000 this week.

Interestingly, Bitcoin’s new record comes a week post Donald Trump’s 2024 presidential election victory in the US, which seems to have amped up investor interest in riskier bets like Bitcoin.

Bitget Research’s top analyst earlier indicated to Cointelegraph that Trump’s presidential victory might send Bitcoin soaring beyond $100,000 before this year draws to a close.

Despite doubts by some experts that Bitcoin’s present hot run lacks the overall macroeconomic conditions to scale a new all-time high, Bitcoin has kept moving north since Trump’s win.

Lee explains that the options markets – where people buy and sell call and put options – also signal strong positivity among Bitcoin holders.

On November 11, Bitcoin outdid itself by reaching a record $1.6 trillion market capitalization when its price soared past the $81,000 mark.

Furthermore, Ethereum (ETH) could also be the beneficiary of Bitcoin’s bullish behaviour. Ethereum bypassed the $3,200 mark during the weekend, urged on by Bitcoin breaking through the psychological $80,000 barrier.

Lee suggests that Bitcoin’s ongoing rally signifies more potential upward swings for Ethereum in the coming week. But he advises caution for users who are leveraging and to think about quick profit-taking based on market conditions.

Ethereum showcased a 29% increase on its weekly chart, even outperforming Bank of America’s market capitalization by approximately $40 billion when it rose above a $383 billion market cap.