{"id":51977,"date":"2024-11-10T05:41:21","date_gmt":"2024-11-10T05:41:21","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-breaks-79k-all-time-high-crypto-analysts"},"modified":"2024-11-10T07:22:46","modified_gmt":"2024-11-10T07:22:46","slug":"bitcoin-breaks-79k-and-no-rash-action-is-needed-says-analyst","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51977","title":{"rendered":"Bitcoin breaks $79K and &#039;no rash action is needed,&#039; says analyst"},"content":{"rendered":"<p>Bitcoin&#8217;s price has soared above the $79,000 level for the first time ever in a week during which it reached several new highs since Donald Trump was reelected as president of the United States.<\/p>\n<h2>\u2018This is just the beginning,\u2019 says traders<\/h2>\n<p>On Nov. 10, 05:00 UTC, Bitcoin (BTC) reached $79,141 on the cryptocurrency exchange Coinbase. However, traders warned not to make any impulsive moves just yet.<\/p>\n<figure><img decoding=\"async\" title=\"\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2024-11\/0193149d-3889-7225-94bc-7cadf3276605\" alt=\"Cryptocurrencies, Bitcoin Analysis\" \/><figcaption><em>Bitcoin is trading at $79,658 at the time of publication. Source: Coinbase<\/em><\/p>\n<\/figcaption><\/figure>\n<p>Bitcoin analyst Tuur Demeester wrote in a Nov. 10 X post that \u201cno rash action is needed, HODLing does the work for you.\u201d He further stated:<\/p>\n<blockquote><p>\u201c$79k Bitcoin, new ATH. Steady folks, this is just the beginning. This is a time for being right and sitting tight.\u201d<\/p><\/blockquote>\n<p>Glassnode lead analyst James Check aka \u201cCheckmatey\u201d shared a similar sentiment, explaining that even though Bitcoin has reached new all-time highs, \u201cthe distance\u201d between the price and the 200 Day Moving Average (DMA) is \u201cstill cooled off.\u201d<\/p>\n<p>Popular\u00a0crypto analyst Invest Answers\u00a0told\u00a0their 227,400 X followers,\u00a0\u201cWe\u2019re taking off,\u201d following Bitcoin breaking through the $79,000 price.<\/p>\n<p>Meanwhile, crypto commentator Rain stated, \u201cWe are so back\u201d to their 148,000 X followers.<\/p>\n<h2>Bitcoin \u2018just wanted to pump,\u2019 says trader<\/h2>\n<p>Pseudonymous crypto trader Cantonese Cat claimed that this time around, the price spike \u201cwas not driven by any cheap degen liquidity grab of leveraged positions. It just wanted to pump.\u201d<\/p>\n<p>\u201cSo 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,\u201d they added.<\/p>\n<p><em><strong>Related:\u00a0<\/strong><\/em><em><strong>Bitcoin gained 1,900% in Trump\u2019s first term: Will BTC price hit $1M this time?<\/strong><\/em><\/p>\n<p>After breaking its $73,679 all-time high on Nov. 5, Bitcoin reached several new highs, surpassing $76,000 the next day on Nov. 6, and then breaking through $77,000 on Nov. 8.<\/p>\n<p>The surge prompted Bitwise Invest CEO Hunter Horsley to reiterate to his followers that \u201cwhen Bitcoin\u2019s price goes up, people view it as more likely that it will succeed, and therefore be even more valuable,\u201d instead of being overvalued.<\/p>\n<p>\u201cSo it\u2019s likely to go up even further,\u201d\u00a0Horsley claimed.<\/p>\n<p><em><strong>Magazine: <\/strong><\/em><em><strong>Real life yield farming: How tokenization is transforming lives in Africa<\/strong><\/em><\/p>\n<p>Check <span style=\"background: #FDFBAC; padding: 1px 4px;\">other news for today<\/span> and Please stand by..<\/p>\n<p>*********************************<\/p>\n<p>If one of the paying programs on our Monitor appeals to you, please support <em>EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n<p>EN web <strong>Support Chat<\/strong> | Hyips and Crypto questions \u2013 <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"http:\/\/emilynews.com\/chat\/hyips\/\">HyipChatEN<\/a><\/strong><\/p>\n<p>Telegram Chat for Crypto and Hyip reports: <strong><a href=\"https:\/\/telegram.me\/HyipChatEN\" target=\"_blank\" rel=\"noopener noreferrer\">@HyipChatEN<\/a><\/strong><\/p>\n<p>*********************************<\/p>\n<p>Be the first to get most important HYIP news everyday!<br \/>\nSimply Follow <a href=\"https:\/\/www.facebook.com\/EmilyNewsOnline\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline;\">EN Facebook<\/strong><\/a>, <a href=\"https:\/\/telegram.me\/CryptoHyipsEN\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"color: #c03939; text-decoration: underline;\">EN Telegram<\/strong><\/a>, <a href=\"https:\/\/twitter.com\/EmilyHyipNews\" target=\"_blank\" rel=\"noopener noreferrer\"><strong style=\"text-decoration: underline; font-size: 1.3em;\">EN Twitter<\/strong><\/a><br \/>\nor Subscribe to <strong><a style=\"color: #c03939; text-decoration: underline;\" href=\"https:\/\/feedburner.google.com\/fb\/a\/mailverify?uri=Emilynews\" target=\"_blank\" rel=\"noopener noreferrer\">EN Feedburner<\/a><\/strong> and submit your email address!<\/p>\n<p>If you like this article and want to support EN \u2013 please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>\n<p><a href=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-13137\" src=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2020\/11\/Reminder2-1.jpg\" alt=\"\" width=\"544\" height=\"600\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s price has soared above the $79,000 level for the first time ever in a week during which it reached several new highs since Donald Trump was reelected as president of the United States. \u2018This &hellip; <a title=\"Bitcoin breaks $79K and &#039;no rash action is needed,&#039; says analyst\" class=\"exalt-read-more\" href=\"https:\/\/emilynews.com\/blog\/?p=51977\"><span class=\"screen-reader-text\">Bitcoin breaks $79K and &#039;no rash action is needed,&#039; says analyst<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51979,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3812,5652,10,159,97],"class_list":["post-51977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin breaks $79K and &#039;no rash action is needed,&#039; 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