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Since Bitcoin broke past its March high of $73,679, Bitcoiners have pulled $20.4 billion in realized profits, but Glassnode believes “further gains” may be on the horizon.
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Bitcoin has surged over 40% since Oct. 13. Yet, traders remain confident in its upside potential, pointing out that profit-taking is only about half as intense as during previous all-time high cycles.
“While profit-taking is substantial, it remains below historical peaks, suggesting additional room for further gains before reaching potential demand exhaustion,” crypto analysis firm Glassnode stated in a Nov. 12 market report.
Realized profits half of previous ATH cycle
Glassnode explained that “realized profit volumes” have averaged around $1.56 billion a day since Bitcoin (BTC) broke past its past-held all-time high of $73,679 on Nov. 5, nearly half of the $3 billion per day recorded during the previous cycle’s all-time highs in March.
“We’ve observed $20.4 billion in realized profits since entering this latest ATH discovery phase,” the report added.
Bitcoin has risen 40% since Oct. 13, when it was still trading within its extended consolidation range at $62,507. After breaking its March all-time high of $73,679 on Nov. 5 amid increased confidence for a Donald Trump victory, it surpassed $85,000 on Nov. 11 and recorded its best daily gain in history, soaring over $8,400 in a single day.
Bitcoin has continued its upward solid momentum to a high of $90,100 on Nov. 12 following Trump’s win but has since cooled to currently trade at $87,534, according to TradingView data.
Bitcoin is currently trading at $87,534 at the time of publication. Source: TradingView
Swan Bitcoin CEO Cory Klippsten believes it is “spectacular that after Bitcoin pumped that hard over the weekend on weak volume,” it is still holding its current price level.
Traders continue to show optimism
Several traders are optimistic that it will only have more upside ahead.
Pro-Bitcoin author and entrepreneur Robert Kiyosaki stated in an X post that he will continue buying Bitcoin until it “passes $100,000.”
“Then I will stop. Not a time to get greedy,” Kiyosaki wrote.
“Bitcoin is only $89k now, still cheap,” WealthSquad Chris wrote in a Nov. 12 X post.
Related: Here’s why Bitcoin traders really want to punch through $90K
“When Bitcoin crosses gold’s market cap and the price of a Bitcoin is $500k +, we’ll realize this was the most obvious thing ever,” he added.
Anthony Pompliano noted in a Nov. 13 X post that it “is now a race to the sky between the debt and Bitcoin’s price,” amid United States politicians adding “$850 billion to the national debt.”
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article first appeared at Cointelegraph.com News
