Since Bitcoin broke through its extended consolidation phase on October 13, where it traded at $62,507, it has risen over 40%.
Bitcoin BTC $92 679 24h volatility: 0.9% Market cap: $1.84 T Vol. 24h: $36.85 B has been on a ride, rallying more than 40% since October 12 to reach a $90,100 peak on Tuesday. However, despite its impressive run of form and gains gathered so far, traders and investors have not shown to be so keen on profit-taking. That is, as opposed to their behavior in previous all-time high periods.
This situation has now led many to believe that traders hold no doubts that the cryptocurrency will gain even more in the coming days and months.
According to crypto analytics firm Glassnode, it isn’t that traders are not taking their Bitcoin profits. In fact, they have made quite a substantial profit so far. However, they “remain below historical peaks”, Glassnode reported.
For this reason, the analytics firm believes that Bitcoin has room for further gains before reaching potential demand exhaustion.
Profit Levels Show Potential for Bitcoin Growth
As Glassnode’s data suggests, “realized profit volumes” have averaged around $1.56 billion per day since Bitcoin surged past its previous record high of $73,679 on November 5. That is in sharp contrast to the profit-taking, which was close to $3 billion per day during Bitcoin’s all-time high in March.
Giving their take on the current levels of profit-taking, industry experts say it is a sign that traders are not worried about Bitcoin’s future.
For instance, the CEO of Swan Bitcoin, Cory Klippsten, described Bitcoin’s recent performance as nothing short of “spectacular.” His statement borders on the fact that the cryptocurrency has held steady even after “pumping that hard over the weekend on weak volume.”
Similarly, many prominent traders in the industry are going with the belief that Bitcoin could see further growth. Financial educator and pro-Bitcoin author Robert Kiyosaki announced that he will continue to buy Bitcoin until it surpasses $100,000.
WealthSquad’s Chris also described Bitcoin’s current price as “still cheap.” He then predicted that once Bitcoin’s market cap crosses that of gold, with prices around $500,000, investors will realize that this moment was a unique buying opportunity.
Looking Ahead
Since Bitcoin broke through its extended consolidation phase on October 13, where it traded at $62,507, it has risen over 40%. After surpassing its March high, Bitcoin soared to $85,000 on November 11, with a record-breaking daily gain of $8,400 in one day. After that, the cryptocurrency peaked at $90,100 on November 12 before stabilizing around $87,534.
Notably, Bitcoin’s ongoing rally is coming at a time when concerns are being raised over the US national debt. The national debt recently rose by $850 billion. The implication of this was captured in a Wednesday post by entrepreneur Anthony Pompliano, who remarked that the race to the top “is now between the national debt and Bitcoin’s price”.
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