Traders Reluctant to Take Profits as Bitcoin Reaches $90,100
Bitcoin #BTC has increased over 40% since October 12, reaching a peak of $90,100 on November 12. Despite this rise, traders are not aggressively taking profits as seen in previous all-time high periods.
Crypto analytics firm Glassnode indicates that while traders have realized substantial profits, these levels remain below historical peaks. This suggests potential for further growth before demand exhaustion occurs.
Profit Levels Show Potential for Bitcoin Growth
Glassnode's data indicates that "realized profit volumes" have averaged around $1.56 billion per day since Bitcoin surpassed its previous record high of $73,679 on November 5. This contrasts with profit-taking close to $3 billion per day during Bitcoin’s all-time high in March.
Industry experts interpret current profit-taking levels as a sign of trader confidence in Bitcoin's future. Cory Klippsten, CEO of Swan Bitcoin, described Bitcoin's performance as “spectacular,” noting its stability despite significant price movements on low volume. Financial educator Robert Kiyosaki stated he will continue buying Bitcoin until it exceeds $100,000. Chris from WealthSquad described the current price as “still cheap,” predicting that Bitcoin's market cap will eventually surpass gold, potentially reaching prices around $500,000.
Looking Ahead
Since breaking through its consolidation phase on October 13 at $62,507, Bitcoin has risen over 40%. It reached $85,000 on November 11, experiencing a daily gain of $8,400, and peaked at $90,100 before stabilizing around $87,534.
This rally coincides with rising concerns over the US national debt, which recently increased by $850 billion. Entrepreneur Anthony Pompliano noted that the competition is now between the national debt and Bitcoin’s price.