Bitcoin surged past $79,000 for the first time ever on Nov. 10 at 05:00 UTC on Coinbase, capping a week of remarkable gains and record-setting highs since Donald Trump’s re-election as U.S. president. Traders and analysts, however, are urging caution amid the bullish sentiment.

Renowned Bitcoin analyst Tuur Demeester advised against hasty decisions, emphasizing the value of holding long-term. “No rash action is needed, HODLing does the work for you,” he wrote on X, adding that this milestone is “just the beginning” and calls for steady patience.

Echoing this sentiment, Glassnode’s lead analyst, James Check (known as “Checkmatey”), highlighted that Bitcoin’s distance from the 200 Day Moving Average (DMA) remains stable, signaling a tempered outlook despite the impressive gains.

The crypto community’s excitement was palpable, with popular analyst Invest Answers sharing, “We’re taking off,” to their 227,400 followers, while commentator Rain declared, “We are so back” to their 148,000 followers.

Pseudonymous trader Cantonese Cat noted that this surge was distinct, not driven by leveraged positions but by sheer demand and spot supply. “It just wanted to pump,” they commented, predicting either a short-lived spike or a sustainable climb driven by true market demand.

Bitcoin shattered its $73,679 all-time high on Nov. 5 and continued breaking records, surpassing $76,000 on Nov. 6 and $77,000 by Nov. 8. Bitwise Invest CEO Hunter Horsley pointed out that Bitcoin’s rising price fuels confidence in its long-term potential, suggesting the rally may not be over. “When Bitcoin’s price goes up, people view it as more likely to succeed,” he explained, supporting further optimism in the market.