Bitcoin Profit Taking Below Peaks Despite Growth
13 Nov, 2024 ● Crypto News
Bitcoin has soared over 40% since Oct. 13, and traders remain optimistic about its continued growth, noting that profit-taking is only about half as significant as in previous cycles when all-time highs were reached.
“While profit-taking is substantial, it remains below historical peaks, suggesting additional room for further gains before reaching potential demand exhaustion,” Glassnode stated in a market report released on Nov. 12.
The report also highlighted that “realized profit volumes” have averaged $1.56 billion per day since Bitcoin surpassed its March all-time high of $73,679 on Nov. 5.
This daily profit-taking amount is roughly half of the $3 billion per day observed during the prior cycle’s all-time highs in March.
Boosted by growing confidence following Donald Trump’s presidential election victory, Bitcoin climbed past $85,000 on Nov. 11, marking its largest-ever single-day gain of $8,400.
Bitcoin continued its upward trend, reaching a peak of $90,100 on Nov. 12 before cooling off to $87,534, according to TradingView data.
Swan Bitcoin CEO Cory Klippsten remarked that it is “spectacular that after Bitcoin pumped that hard over the weekend on weak volume,” it is still maintaining its current price level.
Many traders are still bullish about Bitcoin’s future prospects. Pro-Bitcoin author and entrepreneur Robert Kiyosaki announced in an X post that he will keep buying Bitcoin until it “passes $100,000.”
“Then I will stop. Not a time to get greedy,” Kiyosaki wrote.
WealthSquad Chris echoed this sentiment in a Nov. 12 X post, stating, “Bitcoin is only $89k now, still cheap.” He added, “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.”
Anthony Pompliano pointed out in a Nov. 13 X post that “it is now a race to the sky between the debt and Bitcoin’s price,” highlighting that United States politicians have added “$850 billion to the national debt.”
Sources:
https://cointelegraph.com/news/bitcoin-profit-taking-historical-all-time-highs-glassnode-analysts
https://insights.glassnode.com/the-week-onchain-week-46-2024/
https://x.com/coryklippsten/status/1856539712833360280
