Bitcoin has surged more than 40% since October 13. However, the trader remains confident in its upside potential, pointing out that profit-taking has been about half of what it was during previous historical peak cycles.
“While profit taking is significant, it remains below historical highs, suggesting there is room for further upside before latent demand dries up,” crypto analytics firm Glassnode noted in a Nov. 12 market report.
Realized profits halved from peak cycle
Glassnode explains that “realized profit volume” has averaged about $1.56 billion per day since Bitcoin (BTC) surpassed its previous all-time high of $73,679 on November 5, nearly half the $3 billion per day recorded during the previous cycle’s all-time highs in March.
“We have observed $20.4 billion in realized profits since entering this latest ATH discovery phase,” the report added.
Bitcoin has rallied 40% since October 13, when it remained in a prolonged consolidation range at $62,507. After surpassing its March all-time high of $73,679 on November 5 amid growing optimism for a Donald Trump victory, it surpassed $85,000 on November 11 and recorded its best daily gain in history, soaring over $8,400 in a single day.
According to data from TradingView, Bitcoin continued its impressive rally to a high of $90,100 on November 12 following Trump's victory but has since retreated slightly, currently trading at $87,534.
Bitcoin is currently trading at $87,534 at the time of publication. Source: TradingView
Swan Bitcoin CEO Cory Klippsten said it was “remarkable” that Bitcoin has held its current price level after a strong rally over the weekend on weak volume.
Traders remain bullish
Some traders are optimistic that Bitcoin will only see further upside ahead.
Bitcoin advocate and entrepreneur Robert Kiyosaki has stated in a post on X that he will continue to buy Bitcoin until it “crosses $100K.”
“Then I will stop. It is not the time to be greedy,” Kiyosaki wrote.
“Bitcoin is only $89K now, still cheap,” WealthSquad’s Chris wrote in a Nov. 12 X post.
“When Bitcoin surpasses the market cap of gold and the price of one Bitcoin is $500K+, we will realize this is the most obvious thing ever,” he added.
Anthony Pompliano noted in a November 13 X post that “it’s a race to the bottom between debt and Bitcoin prices,” as US politicians add “$850 billion to the national debt.”
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