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Bitcoin has soared more than 40% over the past month, reaching a new all-time high above $92,000 on November 13.
Still, profit-taking activity remains surprisingly low, indicating further upside potential before the market reaches exhaustion.
According to blockchain analytics firm Glassnode, profit-taking volumes are significantly lower than in past all-time high cycles.
“We’ve observed $20.4 billion in realized profits since entering this latest ATH discovery phase,” Glassnode noted in its November 12 report.
Historically, similar phases have seen monthly profit realizations between $30 billion and $50 billion before demand exhaustion signals corrections.
Moreover, daily profit volumes have averaged $1.56 billion since Bitcoin broke its previous record on November 5. This figure is around half of the profit volumes observed during previous cyclical ATH peaks, where realized profits exceeded $3 billion per day.
Over 95% of Bitcoin Supply is in Profit
The Glassnode report also revealed that over 95% of Bitcoin’s circulating supply is now in profit, a key indicator of market euphoria. Historical patterns suggest such levels typically last for about 22 days before corrections occur.
“The current rally has maintained this high-profit level for 12 consecutive days, underscoring strong market sentiment but also hinting at the possibility of a correction ahead based on past patterns.”
In terms of profit-taking dynamics, both short- and long-term holders are contributing to profit realization, though the aggregated volumes remain well below previous peaks.
Meanwhile, Glassnode noted that Bitcoin’s recent rally to a new ATH was driven by favorable U.S. presidential election results and a surge in institutional demand.
Following the election, which signaled a more crypto-friendly stance under the new administration, Bitcoin posted its largest-ever weekly price gain of $11.6k, far exceeding historical averages and signaling robust bullish momentum.
Likewise, institutional interest in Bitcoin has intensified, with U.S. spot ETFs adding $6.8 billion in assets under management over the past 30 days, while CME futures open interest grew by $7.6 billion. Daily Cumulative Volume Delta (CVD) on Coinbase also reached $143 million.
The report also mentioned that Bitcoin’s price, currently at $87.5k, is nearing the upper statistical band of $94.9k, a level that often signals heightened sell-side pressure.
“Monitoring the proximity to these bands, especially the upper and middle bands, can highlight periods of intense market demand, reflecting the eagerness of new capital to enter the market during rally phases,” the report said.
Analysts Expect Further Gains
As Bitcoin consolidates near record highs, analysts and traders continue to anticipate further momentum in the months ahead.
Pro-Bitcoin author Robert Kiyosaki expressed his commitment to buying Bitcoin until it reaches $100,000. “Not a time to get greedy,” he wrote on X (formerly Twitter).
YAY: BITCOIN over $88.000. I will keep buying more Bitcoin till it passes $100,000. Then I will stop. Not a time to get greedy.
Always remember….hogs get fat…pigs get slaughtered.
Don’t be a pig.
— Robert Kiyosaki (@theRealKiyosaki) November 12, 2024
Moreover, WealthSquad’s Chris highlighted Bitcoin’s long-term potential, stating, “When Bitcoin crosses gold’s market cap and reaches $500k+, we’ll see how obvious this opportunity was.”
Meanwhile, Anthony Pompliano emphasized Bitcoin’s role as a hedge against the ballooning U.S. national debt, which recently grew by $850 billion. “It’s now a race to the sky between the debt and Bitcoin’s price,” he commented.
Bitcoin is the global alarm system.
The asset is up 40%+ in the last 3 months while politicians have added $850 billion to the national debt.
It is now a race to the sky between the debt and bitcoin’s price.
I explain to @TeamCavuto today on Fox Business. pic.twitter.com/4myOQcqtxi
— Anthony Pompliano ?? (@APompliano) November 12, 2024
Swan Bitcoin CEO Cory Klippsten also remarked on Bitcoin’s resilience. “It is spectacular that after Bitcoin pumped that hard over the weekend on weak volume, it’s still up here. Trading. Consolidating. Creating price memory in this rarified air,” he wrote on X.
The Bottom Line
Bitcoin’s latest all-time high of around $90,000 could mark the beginning of an extended upward trajectory.
With profit-taking activity remaining below historical levels and strong institutional demand driving momentum, the market shows signs of untapped potential.
Analysts and traders are also optimistic, projecting Bitcoin to surpass $100,000 in the short term and even rival gold’s market cap in the long term.
We will end this article by reminding readers that financial markets are unpredictable. Experts can be wrong in their Bitcoin price predictions.
Therefore, it is important to do your own due diligence before investing and never invest more than you can afford to lose. The chaotic price movements can humble even the smartest and most experienced players.
