Bitcoin has surged over 40% since Oct. 13, and 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 said in a Nov. 12 market report.
“We’ve observed $20.4 billion in realized profits since entering this latest ATH discovery phase,” the report added.
Realized profits half of previous ATH cycle
Glassnode said that “realized profit volumes” have averaged around $1.56 billion a day since Bitcoin BTC
$87,036 broke past its March all-time high of $73,679 on Nov. 5. This is about half of the $3 billion per day recorded during the previous cycle’s all-time highs in March.
Amid increased confidence following Donald Trump’s presidential election victory, Bitcoin surpassed $85,000 on Nov. 11 and recorded its best daily gain ever, soaring $8,400.
Bitcoin continued its upward solid momentum to a high of $90,100 on Nov. 12, but has since cooled to trade at $87,534, according to TradingView data.
Swan Bitcoin CEO Cory Klippsten said 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 were optimistic that it has more upside ahead.
Pro-Bitcoin author and entrepreneur Robert Kiyosaki said 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.
“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,” with United States politicians adding “$850 billion to the national debt.”
