 Bitcoin on track for $85K, breaks record $82.4K ‘uncharted territory’ 
2024-11-11

Bitcoin is trading in uncharted territory, potentially approaching the six-figure price tag for the first time in history.
The Bitcoin BTCUSD price broke above a new all-time high of $82,410 at 10:19 am UTC on Nov. 11, Bitstamp data shows.
However, this may only be a pitstop for the Bitcoin price, which is expected to breach the $85,000 all-time high within the next week, according to Ryan Lee, the chief analyst at Bitget Research.
Lee told Cointelegraph:
Bitcoin’s new all-time high comes a week after Donald Trump won the 2024 presidential election in the United States, bolstering investor appetite for risk-on assets like Bitcoin.
The Republican presidential victor could set Bitcoin on a track to breach $100,000 before the end of the year, Bitget Research’s chief analyst previously told Cointelegraph.
Options market suggests strong Bitcoin investor sentiment
While some analysts argued that the current Bitcoin rally lacked the fundamental macroeconomic conditions to reach a new all-time high, BTC has continued to climb since Trump’s victory.
Options markets, or the “relative prices of call and put options,” also point to a strong investor sentiment among Bitcoin holders, Lee explained:
On Nov. 11, Bitcoin surpassed a record $1.6 trillion market capitalization, as the price surpassed the $81,000 all-time high.
Ether price breaches $3,200, bolstered by Bitcoin’s all-time high
The Ether (ETH) price could also benefit from Bitcoin’s recent bullish moves.
Ether surpassed $3,200 over the weekend, bolstered by Bitcoin breaching the $80,0000 psychological mark.
Bitcoin’s continued rally suggests more upward momentum for Ether during the next week, Lee said. He added:
Ether’s price is up 29% on the weekly chart, surpassing Bank of America’s market capitalization by approximately $40 billion when it rose above a $383 billion market cap.