Key Points
- Bitcoin’s price has surged to $90,100, but traders are not eager to take profits yet.
- Analysts believe this behavior indicates potential for further Bitcoin growth.
Bitcoin has experienced a significant rally, surging over 40% since October 12 to reach a peak of $90,100 on Tuesday. Interestingly, traders and investors have refrained from taking profits, unlike in previous periods of all-time highs.
This behavior has led many to speculate that traders are confident about further gains for the cryptocurrency in the near future.
Traders’ Behavior Indicates Confidence
Crypto analytics firm Glassnode reports that while traders are indeed profiting from Bitcoin, the profit-taking levels remain below historical peaks. This suggests that Bitcoin could potentially see further gains before reaching demand exhaustion.
Glassnode’s data shows that since Bitcoin surpassed its previous record high of $73,679 on November 5, “realized profit volumes” have averaged around $1.56 billion per day. This is a sharp contrast to the nearly $3 billion per day profit-taking during Bitcoin’s all-time high in March.
Industry experts interpret the current levels of profit-taking as a sign of confidence in Bitcoin’s future. For example, Cory Klippsten, CEO of Swan Bitcoin, described Bitcoin’s recent performance as “spectacular”, noting that the cryptocurrency has remained steady even after a significant surge.
Expectations for Further Growth
Prominent traders and financial educators, such as Robert Kiyosaki, are optimistic about Bitcoin’s potential for further growth. Kiyosaki stated that he would continue to buy Bitcoin until it surpasses $100,000.
Similarly, Chris from WealthSquad described Bitcoin’s current price as “still cheap”, predicting that once Bitcoin’s market cap surpasses that of gold, with prices around $500,000, investors will recognize the current moment as a unique buying opportunity.
Since October 13, Bitcoin has risen over 40% from a trading price of $62,507. After surpassing its March high, Bitcoin soared to $85,000 on November 11, with a record-breaking daily gain of $8,400. It then peaked at $90,100 on November 12 before stabilizing around $87,534.
Bitcoin’s rally coincides with growing concerns over the US national debt, which recently increased by $850 billion. Entrepreneur Anthony Pompliano noted that the race is now on between the national debt and Bitcoin’s price.
