Bitcoin holders have made $20.4 billion in realized profits since Bitcoin surpassed its March high of $73,679, but Glassnode believes “further upside” could be on the horizon.
Bitcoin has surged more than 40% since Oct. 13. However, traders remain confident in its upside potential, noting that profit-taking has been only about half as intense as in previous cycles to all-time highs.
“While profit-taking has been significant, prices remain below all-time peaks, suggesting there is room for further gains before reaching potential demand exhaustion,” cryptocurrency analytics firm Glassnode said in a Nov. 12 market report.
Realized profit is half of the previous ATH period
Glassnode explains that the “realized profit volume” has averaged about $1.56 billion in Bitcoin per day since Bitcoin
87,242 broke the all-time high of $73,679 on November 5, which is almost half of the $3 billion per day set in March during the previous cycle.
“Since entering the latest ATH discovery phase, we have observed $20.4 billion in realized profits,” the report added.
Bitcoin has gained 40% since Oct. 13, when it was still trading in an extended consolidation range at $62,507. After breaking its March all-time high of $73,679 on Nov. 5, it surpassed $85,000 on Nov. 11, posting its best one-day gain in history, surging more than $8,400 in a single day, as confidence in Donald Trump’s victory grew.
Bitcoin continued its upward momentum on Nov. 12 following Trump’s victory, reaching a high of $90,100, but has since cooled to currently trade at $87,534, according to TradingView.
Cory Klippsten, CEO of Swan Bitcoin, said: “It is truly spectacular that Bitcoin is still holding its current price levels after its massive rally over the weekend on weak volume.
Traders continue to show optimism
Some traders are optimistic that there is only more upside ahead.
Robert Kiyosaki, a pro-Bitcoin author and entrepreneur, said in an X post that he will continue to buy Bitcoin until it goes “over $100,000.”
“Then I’ll stop. Not the time to be greedy,” Kiyosaki wrote.
“Bitcoin is only $89 right now, still cheap,” WealthSquad Chris wrote in a Nov. 12 X post.
Related: Here’s Why Bitcoin Traders Really Want to Break $90
“When Bitcoin exceeds the market cap of gold and Bitcoin is priced at $500k+, we’ll realize this is the most obvious thing ever,” he added.
Anthony Pompliano noted in a Nov. 13 X post that “it’s now a race to the sky between debt and Bitcoin price” as U.S. politicians add “$850 billion to the national debt.”
