Bitcoin (BTC) News Today: Price Retraces to $75,386 after Hitting a New All-Time High of $76,243

Following the resounding victory of pro-crypto candidates in the United States Senate, House of Representatives and the POTUS, Bitcoin (BTC) price has gained

Bitcoin price today encountered a slight retracement after reaching a new record high earlier on Thursday. Meanwhile, Bitwise CIO predicts a "golden age" for crypto with more adoption and a potential U.S. Bitcoin reserve.

Bitcoin price retraced from a new all-time high on Thursday morning, while the total cryptocurrency market capitalization rose by 2.2%.

Bitcoin (BTC) price has gained significant bullish momentum after the resounding victory of pro-crypto candidates in the United States Senate, House of Representatives and the POTUS. The next United States administration's pro-crypto stance has notably shifted the cryptocurrency market dynamics around the market.

In the past 24 hours, the total cryptocurrency market cap has gained around 2.2 percent to hover at about $2.66 trillion on Thursday, November 7 during the early Asian session. Ahead of the highly anticipated FOMC data on Thursday, Bitcoin price printed a new all-time high of about $76,243 earlier today, before retracing to $75,386 at the time of this report.

Bitcoin price retraced from a new record high after reaching $76,243 earlier on Thursday morning. The total cryptocurrency market capitalization rose by 2.2% to reach $2.66 trillion.

After beginning a new month with a bullish morning star pattern on the daily chart, BTC/USD reached a new all-time high of 76,243.

The pair encountered selling pressure at this level and quickly retraced to the $75,386 mark, where it encountered support from the 50 four-hour simple moving average (4H SMA).

Bitcoin price analysis: Historical analysis suggests BTC price top could be in Q3 2025

Analyst Target for Bitcoin in the Coming Months

In a recent tweet, Ali Charts discusses a historical trend observed in Bitcoin’s market behavior. Historically, Bitcoin has tended to reach its market peak around 8 to 12 months after surpassing its previous all-time high on a monthly closing basis.

This pattern suggests that once Bitcoin achieves a new monthly close above its last record high, it typically rises for several months before reaching a new top. If this historical trend persists, it implies that the next significant peak for Bitcoin could occur between July and November 2025.

Bitcoin price could rally to $130k to $150k by August or September: Trader Peter Brandt

According to a popular trader Peter Brandt, Bitcoin price is on the verge of an explosive rally towards the cycle top between $130k and $150k by August or September. Moreover, the weekly and the monthly Relative Strength Index (RSI) are on the cusp of rallying beyond the 70 level, suggesting the bulls are in control.

“The weekly and monthly RSI are both about to rally through 70 for the first time in this bull market advance (bull markets of 2017 and 2021).

This is typically followed by an explosive rally towards the cycle top (usually in August or September) of between $130k and $150k.”

Bitwise CIO predicts a "golden age" for crypto with more cash inflows, adoption, and a potential U.S. Bitcoin reserve

Hougan anticipates the crypto market will enter the golden age, which will be defined by more cash inflows, adoption, and a bull market for years to come. According to the CIO, the recent shift will be epitomized by the creation of a strategic Bitcoin reserve in the United States, which will total 1 million coins.

According to Bitwise CIO Matt Hougan the crypto market is entering il the golden age, which will be characterized by more cash inflows, adoption, and a strong bull market for years to come. The epitome of the recent shift will be the anticipated creation of a strategic Bitcoin reserve in the United States, amounting to 1 million coins.

“Bitcoin is up 7x year-to-date, and the total cryptocurrency market capitalization has risen to $3 trillion. What’s next for 2023? In a word: adoption.

We’re finally seeing large financial advisors begin to allocate to crypto for their clients. Expect this trend to continue and accelerate in 2023.

We’re also seeing the creation of a strategic Bitcoin reserve in the United States, to the tune of 1 million BTC. This is huge news and will help support the Bitcoin price in the coming years.”

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