Cryptocurrencies have been on a tear over the weekend as Republican candidate Donald Trump's win in the 2024 presidential election catalyzed an extended rally in the space
Bitcoin ($BTC.X) broke above the psychological barrier of $80K for the first-time ever on Sunday, having gained over 17% over the past seven days. The spike has come amid increased volume, which surged by over 177%, lending credence to the upward move.
As of 8:41 pm ET on Sunday, Bitcoin traded up 5.48% at $80,978.72.
The rally could have a further leg, according to a technical analyst, who goes by the X handle @MikybullCrypto. Sharing a chart on X, the user said the next area of significance is $93,000 and then a pullback and consolidation will likely follow before the apex crypto hits $121K to complete the wave.
Ali Martinez, another crypto analyst, flagged $78,000 as the next resistance area.
Bitcoin bull Cathie Wood sees the King crypto hitting $3.8 million by 2030. Ahead of the elections, Galaxy Digital CEO Mike Novogratz said in an interview on the Unchained YouTube channel that a Trump win will see the Bitcoin break $73,000 and go a lot higher fast.
Alex Thorn, head of research at Galaxy Digital said in a note on Friday, "Trump has promised to make America the 'crypto capital of the world' 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," CNBC reported.
Dogecoin (DOGE.X) skyrocketed 31.65% on Sunday and last traded at $0.295.
Bitcoin and Doge are trending and are the most active assets on the Stocktwits platform.
Most users on the platform see the Bitcoin rally as just the beginning.
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