Bitcoin (BTC) surpassed $77,000 for the first time on November 8, amid growing optimism in the cryptocurrency market following Donald Trump’s victory in the US presidential election.
Cryptocurrency analyst James Van Straten has shared his views on the current rally, highlighting Bitcoin’s recent successes and factors that could support further gains.
Bitcoin’s price momentum has been particularly strong, breaking previous records on consecutive days, including $76,400 on Nov. 6, $76,900 on Nov. 7, and most recently $77,200 on Nov. 8. This rapid rise is also in line with the performance of traditional assets like gold and U.S. stocks.
Despite the rally, Bitcoin could still have room to grow, Van Straten said. One key indicator is Google search interest in Bitcoin, which is increasing but remains well below levels seen during previous rallies in November 2021 and March 2024. This suggests that the current market may not yet be in the euphoria that typically heralds a price peak, according to Van Straten.
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On the other hand, some investors are cashing out their gains, according to the analyst. Data from Glassnode shows that $3.5 billion in profits were realized on November 6 alone, when Bitcoin’s price rose from $68,000 to $76,000, and another $3.2 billion were realized in the following two days. However, Van Straten points out that these figures are relatively modest compared to previous peaks. When Bitcoin surpassed its 2021 record in March 2024, profits had risen to $10 billion, and during the 2021 bull market, profits reached as much as $6 billion. Even during the 2017 rally, when Bitcoin reached $20,000, profits of around $4.6 billion were realized.
Bitcoin has been consolidating between $50,000 and $70,000 for the past seven months, but a move above $77,000 suggests potential for further progress. Van Straten also noted the impact of inflation on Bitcoin’s purchasing power. Adjusted for inflation, Bitcoin’s November 2021 high of around $69,000 would translate to around $78,000 today, a level Bitcoin has yet to decisively surpass.
*This is not investment advice.
