bitcoin is trading in uncharted territory, potentially approaching a six-figure price for the first time in history.
bitcoin (btc) price surpassed a new high of $82,410 at 10:19 am UTC on November 11, Bitstamp. data sample.
btc/USD, 1-month chart. Source: TradingView
However, this may just be a stop for the price of bitcoin, which is expected to surpass the high of $85,000 over the next week, according to Ryan Lee, chief analyst at Bitget Research.
Lee told Cointelegraph:
“This week, we expect btc and eth volatility to continue to rise, with possible upside advances followed by rapid corrections. The expected range for btc this week is between $76,000 and $85,000.”
bitcoin's new high comes a week after Donald Trump won the 2024 US presidential election, bolstering investor appetite for risk assets like bitcoin.
The Republican presidential victor could put bitcoin on track to surpass $100,000 before the end of the year, the chief analyst at Bitget Research previously told Cointelegraph.
Related: Two bitcoin whales buy $142 million in btc after Trump's victory
Options Market Suggests Strong bitcoin Investor Sentiment
While some analysts argued that bitcoin's current rally lacked the fundamental macroeconomic conditions to reach a new all-time high, btc has continued to rise since Trump's victory.
Options markets, or the “relative prices of call and put options,” also point to strong investor sentiment among bitcoin holders, Lee explained:
“btc call options have become significantly more expensive than put options, showing a strong bullish bias and some degree of market consensus for further bullish moves. This week, we expect btc and eth volatility to continue to rise, with possible upside advances followed by rapid corrections.”
On November 11, bitcoin surpassed a record market capitalization of $1.6 trillion as the price surpassed the high of $81,000.
Related: Trump presidency could bring SEC reform and pro-crypto regulations
Ether price exceeds $3,200, driven by bitcoin's all-time high
Ether (eth) price could also benefit from bitcoin's recent bullish moves.
Ether surpassed $3,200 over the weekend, boosted by bitcoin surpassing the psychological mark of $80,0000.
bitcoin's continued rally suggests further bullish momentum for Ether over the next week, Lee said. He added:
“eth is expected to fluctuate between $2,800 and $3,500. “Users should be careful when using leverage and consider making profits quickly depending on market conditions.”
Ether price has risen 29% on the weekly chart, surpassing the market cap of Bank of America by approximately $40 billion as it surpassed a market cap of $383 billion.
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