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

Bitcoin is trading in uncharted territory, potentially approaching the six-figure price tag for the first time in history.The Bitcoin (BTC) cost broke above a brand-new high of $82,410 at 10:19 am UTC on Nov. 11, Bitstamp information shows.BTC/ USD, 1-month chart. Source: TradingViewHowever, this may just be a pitstop for the Bitcoin rate, which is expected to breach the $85,000 high within the next week, according to Ryan Lee, the chief expert at Bitget Research.Lee informed Cointelegraph:” This week, we anticipate the volatility of BTC and ETH to continue to increase, with potential upward developments followed by rapid corrections.” Bitcoins brand-new high comes a week after Donald Trump won the 2024 presidential election in the United States, bolstering investor cravings for risk-on assets like Bitcoin.The Republican governmental victor could set Bitcoin on a track to breach $100,000 before the end of the year, Bitget Researchs chief expert previously told Cointelegraph.Related: Two Bitcoin whales buy $142M BTC after Trumps winOptions market suggests strong Bitcoin investor sentimentWhile some experts argued that the current Bitcoin rally did not have the essential macroeconomic conditions to reach a new all-time high, BTC has continued to climb up since Trumps victory.Options markets, or the “relative rates of call and put options,” likewise point to a strong investor belief among Bitcoin holders, Lee described:” BTC call choices have actually become significantly more pricey than put options, showing a strong bullish predisposition and a degree of market agreement for additional upward movements.