Bitcoin has experienced a strong rise since October 12, breaking the $90,000 mark for the first time in U.S. trading on Wednesday, and has risen more than 110% this year.
Despite Bitcoin’s stellar performance and the impressive gains it has accumulated year to date, traders and investors have not shown a strong willingness to take profits, unlike previous moves during all-time highs.
This situation has now led many to believe that traders are confident that the cryptocurrency will appreciate further in the days and months ahead.
According to data from crypto analytics firm Glassnode, traders are not not making money from Bitcoin, in fact, they have made considerable profits. However, Glassnode reports that these profits are “still below historical peaks.”
Therefore, the analytics firm believes that Bitcoin still has room to rise further before reaching potential demand exhaustion.
As data from Glassnode shows, “realized profit volume” has averaged about $1.56 billion per day since Bitcoin surpassed its all-time high of $73,679 on Nov. 5. This is in stark contrast to the nearly $3 billion in profit-taking per day that occurred during Bitcoin’s all-time high in March.
Industry experts have given their own interpretation of the current profit-taking levels, which they believe is a sign that traders are not concerned about the future of Bitcoin.
For example, Corey Klipstein, CEO of Swan Bitcoin, described Bitcoin’s recent performance as “impressive.” He based his opinion on the fact that Bitcoin remained stable despite “a sharp rise on low weekend volumes.”
Likewise, many well-known traders in the industry believe that Bitcoin may grow further. Robert Kiyosaki, the author of (Rich Dad Poor Dad) and a pro-Bitcoin writer, announced that he will continue to buy Bitcoin until its price exceeds $100,000.
Chris from WealthSquad also described Bitcoin’s current price as “still cheap.” He then predicted that once Bitcoin’s market value exceeds that of gold and the price reaches around $500,000, investors will realize that this is a unique buying opportunity.
Notably, Bitcoin’s current upward momentum comes at a time of growing concerns about the U.S. national debt, which recently increased by $850 billion. Entrepreneur Anthony Pompliano captured the impact of this in a post on Wednesday, commenting that “it’s now a race between the national debt and the price of Bitcoin.”
Article forwarded from: Jinshi Data
