Profit-Taking Eases as Bitcoin Climbs Past $85,000

Bitcoin Soars Over 40% in October Surge

Bitcoin has experienced a notable surge since October 13th, rising by almost 40%. Investors and traders alike are observing the crypto’s upward potential, and many are confident that the upswing still has a bit more to go.  This time around, profit-taking, which is usually fierce when Bitcoin reaches its highest point ever, has been much less, which many people think suggests that there may be more rises ahead before a major decline.

A report on the state of the Bitcoin market was just released by Glassnode, a company that specializes in crypto analytics. They highlighted that profit-taking, while present, remains below previous high cycles. “Even though profit-taking is significant, it is still below historical peaks, indicating that there may be more room for gains before demand exhaustion”, the report stated. This could indicate that Bitcoin has not yet reached its peak, giving traders reason to remain hopeful. Since entering the current all-time high (ATH) discovery phase, the report revealed $20.4 billion in realized profits.

Realized profits during this rally are only half as high as during Bitcoin’s previous all-time high cycles. According to Glassnode, realized profit volumes have averaged $1.56 billion per day since Bitcoin hit its latest ATH of $73,679 in early November. This daily figure is about 50% lower than the $3 billion per day observed in the March all-time high cycle. This difference reinforces the idea that, even with strong profit-taking, the demand for Bitcoin remains high, and traders are not exhausting their profit-seeking just yet.

Source: TradingView

Confidence in Bitcoin’s upward movement received another boost following Donald Trump’s recent election win, propelling Bitcoin past the $85,000 mark on November 11. This jump included an impressive single-day gain of $8,400, marking the largest daily rise in Bitcoin’s history. Swan Bitcoin CEO Cory Klippsten commented that it’s “spectacular” how Bitcoin managed to sustain its position even after such a powerful rally on relatively low trading volume.

Bitcoin’s performance is still seen positively by dealers and business leaders. Known for his pessimistic views, pro-Bitcoin author and entrepreneur Robert Kiyosaki has declared that he plans to keep buying Bitcoin until it reaches $100,000, at which point he will stop.  “Not a time to get greedy,” he wrote, advising others to consider the crypto’s growth without overreaching. WealthSquad’s Chris also emphasized Bitcoin’s value in a recent post, describing it as “still cheap” at $89,000 and hinting at the long-term potential for even higher gains.

Many in the crypto space believe that Bitcoin’s true potential remains untapped. “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,” WealthSquad Chris predicted, signaling high confidence in the crypto’s trajectory. Anthony Pompliano echoed these sentiments, noting that Bitcoin’s rise might soon go head-to-head with the growing U.S. national debt, which has recently increased by $850 billion.

As traders continue to ride this wave, the crypto world watches closely. With more analysts and traders endorsing Bitcoin’s potential, the market seems poised for an exciting and possibly record-breaking period ahead.