Bitcoin Price Hits $80,000 Milestone: Is The Rally Sustainable?

• Bitcoin price soared past $80,000 on November 10, boosted by substantial trading volumes and heightened interest.
• Trump’s presidential election win and a recent Fed rate cut are key drivers behind Bitcoin’s current rally.
• Google search Trends showed that interest in Bitcoin remains relatively low, suggesting the rally has room to grow.

Bitcoin (BTC) reached a historic high, crossing the $80,000 mark on November 10. It is a significant achievement in its price journey. This record-breaking Bitcoin price surge is driven by increased trading volumes and rising interest from retail and institutional investors.

The rally comes amid optimism following Donald Trump’s U.S. election win and the recent 25 basis point Fed rate cut. This together boosted market confidence.

Over the past 5 days, Bitcoin price has surged nearly 20%, with a recent intraday spike of about 5%. In a price discovery phase, Bitcoin appears unstoppable. At the same time, other cryptocurrencies are rallying, too. Ethereum (ETH) has climbed above $3,100 for the first time since August.

Analysts remain hopeful for more gains, but how high can Bitcoin price go from here? Continue to read on for more insights.

Bitcoin hit new all-time highs isn’t triggering overvaluation concerns – Hunter Horsley

Bitcoin’s rally to new all-time highs this week isn’t sparking the typical overvaluation worries that often affect stocks. On November 9, 2024, Bitwise Asset Management CEO Hunter Horsley shared on X that Bitcoin is unique in this regard.

He explained that when a company’s stock price rises, its valuation multiple increases. It ties back to the company’s financial performance. For stocks, this often leads investors to eventually deem it “overvalued” and wait for a price drop.

A key way Bitcoin is different than equities: reflexivity.

When a stock goes up, the multiple does up. At a certain point, people say, "this is over valued" and become less interested until the price goes down.

Bitcoin is different.

When Bitcoin's price goes up, people view it…

— Hunter Horsley (@HHorsley) November 9, 2024

In contrast, Bitcoin lacks these performance metrics. “As Bitcoin’s price rises, people believe in its potential for success and view it as even more valuable,” Horsley noted. He added, “So it’s likely to go up even further.”

Google search interest is way lower than the March 2024 highs

The Bitcoin price rally has room to continue for several reasons. One key factor is that Google search interest in Bitcoin remains relatively low. It is low compared to peak periods in November 2021 and March 2024.

Although searches have increased in the past week, the current levels suggest we’re still far from market euphoria.

Robert Kiyosaki plans to own 100 BTC regardless of price

Kiyosaki began investing in silver when it was just $1 per ounce, continuing to buy even as its value climbed to $32 per ounce. His core lesson is clear: don’t wait for prices to fall; just keep buying and steadily accumulate over time.

He applies the same approach to Bitcoin. His first Bitcoin purchase was at $6,000. Even as it approaches $80,000, he will keep buying to hold 100 Bitcoins by 2025. For Kiyosaki, it’s not about buying Bitcoin at a low price but about amassing as much as possible.

WORDS & THOUGHTS of a poor person.

1: Bitcoin costs $76,000. “That’s too expensive. II will wait till the price goes down.”

2: Gold is $2684 an ounce. “That’s too expensive. I will wait for the price to come down.”

3. Silver is $32.00 an ounce. “That’s too expensive.…

— Robert Kiyosaki (@theRealKiyosaki) November 9, 2024

He believes that long-term wealth comes from continually growing one’s holdings. It comes regardless of market fluctuations, whether it’s Bitcoin, gold, silver, or real estate. In his view, consistent investment, not timing the market, is key to financial success.

Positive momentum Keeps On for Bitcoin, But Caution Needed

The Bitcoin Fear and Greed Index has hit 78, reflecting “Extreme Greed” among investors. It is a level often associated with high enthusiasm that can temporarily push prices upward.

However, this intense optimism can also lead to market corrections. This happens as traders lock in profits when prices reach new highs. CryptoQuant CEO Ki Young Ju noted that with all Bitcoin addresses now in profit; some investors may soon sell.

I expected corrections as BTC futures market indicators overheated, but we're entering price discovery, and the market is heating up even more.

If correction and consolidation occur, the bull run may extend; however, a strong year-end rally could set up 2025 for a bear market,…

— Ki Young Ju (@ki_young_ju) November 10, 2024

“Bitcoin has entered the price discovery phase, and corrections often follow at these levels,” Ju shared on social media. He referenced instances when large investors sold at peak prices, causing pullbacks.

As Bitcoin approached $80,000, Ju and others anticipated a possible “wave-4 correction” before any further rise.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.