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BTC Hits New All-Time High, Surpassing $81,000, Analysts Declare Bitcoin Season
- Over the weekend, Bitcoin reached a new record high of US$80,849 and then surged to US$81,474 despite a brief dip.
- The cryptocurrencyâs recent 17.75% rally is largely attributed to Donald Trumpâs re-election, favoured by the crypto community.
- Galaxy Digital predicts Bitcoin and other digital assets will soar past current highs, citing a shift in regulatory winds to a more supportive stance.
- Beyond Trump, analysts say Bitcoin has entered into maximum strength phase and declared this Bitcoin season.
Over the weekend Bitcoin broke a number of records, hitting US$80k (AU$121.33k) for the first time ever, clocking in at US$80,849 (AU$122,629) on early Monday morning, Australian Time.
A 2.3% dip took the top crypto well below US$80k, only to rally straight up again, making a new all-time high at US$81,474.41 (AU$123,583.81). All in all, BTC has rallied 17.75% in the past week, following Donald Trumpâs election win.
Trump Win Boosts Bitcoin, âNo One Bullish Enoughâ
Itâs fair to say that much of this recent boost to Bitcoin (and altcoins surged too) comes with the Trump win. Trump, heavily favoured by the crypto crowd, has made several promises which should be bullish for crypto, for weeks to come.
Related: Trump Made Big Promises for Crypto, Hereâs Whatâs Next According to Experts
The head of research at Galaxy Digital, Alex Thorn, said in a note last Friday that they expect âbitcoin and other digital assets will trade significantly higher than the current all-time highâ.
He said the obstacles of past days, i.e. lawsuits and regulatory uncertainty, seem to now âshift to a tailwindâ, adding that âno one is bullish enoughâ.
Crypto is poised to enter a golden era. Trump has promised to make America the âcrypto capital of the worldâ and his high level team is filled with strong crypto advocates. The pro-crypto nature of his team, family, and donors increases the likelihood that Trump follows through on his campaign promises to the industry.
Alex Thorn, Galaxy Digital Bitcoin Enters âSaiyan Modeâ Analysts Say
But according to Swissblock analysts, Trumpâs not really the reason why the crypto market is flying. No, according to their analysis, itâs Bitcoin season and the OG crypto is in full Saiyan mode.
Bitcoinâs price momentum is fully bullish, naturally in a Bitcoin season, with zero risk and strong fundamentalsâBitcoin is in âSaiyan modeâ.
Swissblock The Dragon Ball-inspired reference is matched by Swissblockâs Speedometers, which show low market risk, paired with strong on-chain fundamentals and a bullish price momentum.
Related: Ethereum Foundation Launches Mekong Testnet to Pilot Revolutionary Pectra Upgrade
And another well-known crypto analyst, Rekt Capital, reminds us that in past cycles, Bitcoin experienced extended periods of gains before any meaningful correction happened. Currently, we are just in week one of a new potential uptrend â let that sink in.
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Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
