Bitcoin is trading in uncharted territory, potentially approaching six-figure prices for the first time in history.
Bitcoin (BTC) price surged to a novel high of $82,410 at 10:19 UTC on November 11 on Bitstamp data can be seen.
BTC/USD, 1-month chart. Source: TradingView
However, according to Ryan Lee, chief analyst at Bitget Research, this may only be a stop for the Bitcoin price, which is expected to exceed a maximum of $85,000 within the next week.
Lee told Cointelegraph:
“This week, we expect BTC and ETH volatility to continue to increase, with potential breakouts to the upside followed by quick corrections. The expected range for BTC this week is $76,000 to $85,000.”
Bitcoin’s novel high comes a week after Donald Trump won the 2024 US presidential election, increasing investor appetite for risky assets like Bitcoin.
The winner of the Republican presidency could put Bitcoin on a path to surpass $100,000 before the end of the year, Bitget Research’s lead analyst previously told Cointelegraph.
Related: Two Bitcoin whales buy $142 million worth of BTC after Trump’s victory
The options market suggests mighty Bitcoin investor sentiment
While some analysts argued that Bitcoin’s current rally lacked the underlying macroeconomic conditions to reach a novel all-time high, BTC’s price has continued to rise since Trump’s victory.
Options markets, or “relative prices of calls and puts,” also indicate mighty investor sentiment among Bitcoin holders, Lee explained:
“BTC call options have become much more expensive than put options, showing a strong bullish bias and some degree of market consensus for further upside moves. This week, we expect BTC and ETH volatility to continue to increase, with potential breakouts to the upside followed by quick corrections.
On November 11, Bitcoin surpassed a record market capitalization of $1.6 trillion and the price surpassed a high of $81,000.
Related: A Trump presidency could bring SEC reform and pro-crypto regulations
Ether price surges above $3,200, boosted by Bitcoin’s record high
The price of Ether (ETH) may also benefit from Bitcoin’s recent bullish moves.
Ether breached the $3,200 mark over the weekend, boosted by Bitcoin breaching the psychological $80,000 mark.
ETH&BTC, 1-month chart. Source: Cointelegraph
Bitcoin’s continued rally suggests more upside momentum for Ether next week, Lee said. Added:
“ETH is expected to trade between $2,800 and $3,500. Users should exercise caution when using leverage and consider taking profits immediately based on market conditions.”
Ether’s price surged 29% on the weekly chart, surpassing Bank of America’s market capitalization by about $40 billion as it rose above its $383 billion market capitalization.
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