BTC hits a new high of 77,000 euros, experts predict it could reach 'this point,' is it still worth getting on board?

Factors behind the historical high of BTC

The price of BTC surpassed $77,000 in the early morning of November 9th, setting a new record high. According to TradingView, BTC reached a peak of $77,229 (at the time of writing, the price of BTC is $76,356). With a rise of nearly 12% in the past week, BTC's influence in the global market is once again being followed. Experts point out that this upward trend is mainly driven by multiple factors, including the introduction of BlackRock's iShares Bitcoin Trust ETF (IBIT) with over $1.1 billion in inflows, indicating a significant growth in demand for BTC from institutional investors. Additionally, with cryptocurrencies gaining more acceptance in mainstream markets, the discussion about BTC as a reserve asset for the U.S. Treasury is also heating up.

Source: TradingView Bitcoin price breaks through again, reaching a new high of $77,229

CryptoQuant founder and CEO Ki Young Ju believes that BTC still has the potential to rise by 30% to 40%, but he also warns investors to operate with caution, plan exit strategies rationally, and avoid excessive investment due to 'missing fear syndrome.' In addition, MicroStrategy founder Michael Saylor predicts that as countries gradually view BTC as national reserve assets, the future market demand for BTC may become more vigorous. Nevertheless, experts generally believe that it is crucial to consider the risk of fluctuation in the BTC market and proper risk management.

Source: X CryptoQuant Founder and CEO Ki Young Ju believes that BTC still has the potential to rise 30% to 40% in the future.

Weekend price targets and Risk Management suggestions

Renowned cryptocurrency analyst CrypNuevo predicts that BTC may further rise to $77,500 over the weekend. This target is mainly driven by the liquidation pressure from a significant number of uncleared short positions in the market. As BTC price approaches this range, the demand for covering these short positions may become the driving force behind the rise in BTC price. However, the high volatility of the market also brings potential risks to traders. Data shows that there has been a total liquidation of $263 million in the encryption market in the past 24 hours, including $136 million in liquidation of long positions and $127 million in liquidation of short positions.

Source: CrypNuevo CrypNuevo indicates that there is still a lot of liquidation pressure from short positions that have not been closed in the market

Former CEO of Binance, Zhao Changpeng (CZ), also commented on this, reminding investors to operate cautiously and perform appropriate Risk Management. He suggested that investors should not invest all their funds at once, but should enter the market gradually to diversify risk. He emphasized, "There will be more Fluctuation and adjustments in the future market, and investors need to control their greed and ensure they have enough resilience."

The promotion of policy factors and market prospects

The results of the US presidential election were announced this Tuesday, with Trump, who supports Cryptocurrency, being re-elected, further promoting market expectations for a more friendly BTC policy. In addition, some states in the United States, such as Detroit and Wyoming, have started to adopt BTC, and with the promotion of BTC-related bills, the market's acceptance of digital assets is gradually increasing. The BTC national reserve proposal introduced by Wyoming Senator Cynthia Lummis has attracted widespread follow, indicating that the US government is beginning to consider the possibility of BTC as a potential national treasury asset.

In addition, Jan Van Eck, CEO of the well-known asset management company VanEck, said in an interview with CNBC that the long-term value of BTC may reach half of the global gold Market Cap, and the price is expected to eventually reach 300,000 US dollars. This optimistic forecast has attracted more followers and also demonstrates the market's positive outlook for the future development of BTC.

Is it worth entering now?

Although BTC still has the potential to continue to rise after hitting new highs, the high volatility and risks of the market cannot be ignored. Many experts advise investors to be cautious at this stage, not only to control the timing of entry, but also to consider appropriate Risk Management strategies. Encryption City also reminds the public that although BTC is expected to fluctuate between the target price of $77,500 in the short term, investors should avoid over-chasing rising prices, pay attention to possible pullbacks in the market, and adopt a relatively stable strategy.

[Disclaimer] There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Investment based on this is at your own risk.