As a seasoned crypto investor who’s been through multiple market cycles, I must say that the current Bitcoin rally has been nothing short of exhilarating. Having witnessed the ups and downs since its inception, I can confidently say that this bull run is unlike any other we’ve seen before.
Bitcoin (BTC) has experienced a surge, increasing over 40% since October 12, reaching an astounding peak of $90,100 on Tuesday. Despite this remarkable performance and the gains accumulated thus far, traders and investors seem less inclined towards cashing out compared to previous high points. In contrast to past all-time high periods, there appears to be a reluctance among them to engage in profit-taking.
Many people are now convinced that traders expect the value of cryptocurrencies to rise significantly in the near future and beyond, based on the current state of affairs.
As per the findings of crypto analytics firm Glassnode, it seems traders aren’t necessarily withdrawing their Bitcoin earnings. Instead, a significant amount of profit has been accumulated. Nevertheless, these profits are currently below previous record highs, as reported by Glassnode.
Based on their analysis, the data company thinks there’s still potential for Bitcoin to rise more before it might experience a decrease in demand due to saturation.
Profit Levels Show Potential for Bitcoin Growth
Based on Glassnode’s data analysis, my daily realized profits from Bitcoin have been approximately $1.56 billion since it surpassed its previous record high of $73,679 on November 5. This is significantly lower compared to the profit-taking periods during Bitcoin’s all-time high in March, which were nearly $3 billion per day.
According to industry professionals, the ongoing profit-taking suggests that traders remain optimistic about Bitcoin’s long-term prospects.
As an analyst, I’d rephrase it like this: Over the past week, I’ve found Bitcoin’s performance to be nothing less than remarkable. The CEO of Swan Bitcoin, Cory Klippsten, is spot-on in his description. Despite a significant surge over the weekend on relatively low trading volume, Bitcoin has maintained its strength, which underscores its resilience and potential for further growth.
In much the same vein, numerous influential figures within the trading realm share a common conviction: Bitcoin may witness additional expansion. Renowned financial educator and ardent Bitcoin advocate Robert Kiyosaki has declared his intention to continue purchasing Bitcoin until it breaches the $100,000 mark.
As a researcher, I find myself in agreement with Chris from WealthSquad, who views the current price of Bitcoin as undervalued. His prediction is that when Bitcoin’s market capitalization surpasses gold’s, potentially reaching prices around $500,000, investors will recognize this as a rare opportunity to invest.
Looking Ahead
Starting from October 13, when Bitcoin was trading at $62,507 after a prolonged period of consolidation, it has experienced an increase exceeding 40%. Following its surge past the March high, Bitcoin reached $85,000 on November 11, marking a historic daily gain of $8,400. On November 12, Bitcoin peaked at $90,100 before settling around $87,534.
Significantly, Bitcoin’s price surge coincides with increasing worries about the U.S. national debt, which has just increased by $850 billion. This perspective was expressed by entrepreneur Anthony Pompliano in a recent post, where he stated that the competition is now between the rising national debt and Bitcoin’s value, suggesting they could potentially match each other’s growth trajectory.
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2024-11-13 11:39