As a seasoned researcher with over two decades of experience in financial markets, I’ve seen many bull runs and bear markets, but none quite like this one with Bitcoin. The recent surge of more than 40% since Oct. 13 is a testament to the resilience and potential of this digital asset.
Bitcoin experienced a significant increase of more than 40% from October 13 onwards. Despite this, investors continue to express optimism regarding its future growth prospects. They suggest that the current wave of profit-taking is less pronounced compared to past record-high periods.
According to the analysis by Glassnode, although profits are currently significant, they haven’t yet reached their highest levels in history. This implies that there could be more potential for even greater gains before we may see a possible decrease in demand due to exhaustion.
Realized profits half of previous ATH cycle
According to Glassnode, the “daily realized profit volumes” for Bitcoin (BTC) have been approximately $1.56 billion since it surpassed its earlier record high of $73,679 on November 5. This is roughly half of the $3 billion per day that was seen during the peak of the previous cycle’s record highs in March.
The report noted that a total of approximately $20.4 billion has been earned from this latest phase of high point discovery, as of now.
Since October 13th, when Bitcoin was trading within an extended period of consolidation at around $62,507, it has experienced a significant surge of approximately 40%. This increase occurred after breaking its previous all-time high from March 2021 ($73,679) on November 5th, fueled by growing optimism surrounding a potential Donald Trump victory. Subsequently, Bitcoin surpassed $85,000 on November 11th and set a new record for its largest single-day gain ever, rising over $8,400 in just one day.
On November 12, the price of Bitcoin reached an all-time high of $90,100 after Donald Trump’s election victory. However, it has since experienced a cooling off period and is now trading at approximately $87,534, as indicated by TradingView data.
Cory Klippsten, CEO of Swan Bitcoin, finds it remarkable that despite a substantial increase in Bitcoin’s price over the weekend with low trading volumes, it has managed to maintain its current price.
Traders continue to show optimism
Several traders are optimistic that it will only have more upside ahead.
According to a post on platform X, financial expert and businessman Robert Kiyosaki, who is an advocate for Bitcoin, declared his intention to keep purchasing Bitcoin until its value surpasses the $100,000 mark.
“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.
If Bitcoin’s market capitalization surpasses that of gold and one Bitcoin costs more than half a million dollars, it will become clear that this was an inevitable development,” he concluded.
Anthony Pompliano pointed out in a November 13 blog post that we’re witnessing a competition towards increasing heights, with government debt on one side and the value of Bitcoin on the other, due to U.S. policymakers raising the national debt by an additional $850 billion.
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2024-11-13 08:43