Bitcoin’s New Record: What $79K Means for Investors Right Now

Bitcoin just hit a historic milestone, breaking $79,000 on Nov. 10. While traders are celebrating, experts are urging patience. With this all-time high, seasoned analysts say it’s not time for quick decisions.

“This is only the beginning,” say traders

Crypto analyst Tuur Demeester advised a steady approach, saying, “$79K Bitcoin, new ATH. Stay cool, this is just the beginning.” His suggestion? Hold onto your Bitcoin—HODLing—instead of reacting to every price change.

Bitcoin Fear and Greed Index is 78 – Extreme Greed
Current price: $79,767 pic.twitter.com/yQREecfKEP

— Bitcoin Fear and Greed Index (@BitcoinFear) November 10, 2024

 

Another analyst, James Check from Glassnode, explained that despite the price increase, Bitcoin’s distance from its 200-Day Moving Average (DMA) is still within range, which may suggest stable growth rather than a quick high. In simple terms, the current rise seems to be part of a larger trend.

The excitement is everywhere, but it’s met with a note of caution. Crypto commentator “Invest Answers” told their 227,400 followers, “We’re taking off,” while another, Rain, added, “We are so back.” Trader Cantonese Cat added that this increase is more about true demand than high-risk trading, noting that it wasn’t fueled by the usual margin trades but by “pure spot supply shock.”

This past week alone, Bitcoin reached several milestones, hitting $73,679 on Nov. 5, $76,000 on Nov. 6, and finally crossing $77,000 by Nov. 8. Bitwise Invest CEO Hunter Horsley suggests that as Bitcoin’s price climbs, confidence builds, which can drive even more demand.

The message from analysts is clear: while Bitcoin’s upward movement is exciting, holding steady might be the best move. For those watching Bitcoin’s record-breaking journey, patience could pay off in the long run.