The bitcoin (BTC) price has been making incredible upward movement, and the asset recently broke the $90,000 mark, thus setting a new all-time high. A cryptocurrency that has seen an incredible rally of more than 40% since October 12 reached a Tuesday peak of $90,100. And what makes this particular rally different is the behavior of traders and investors.
Of course, it is not compared to previous all-time highs wherein traders are very quick to take cash and lock in their profit; most of the investors hold onto their Bitcoin positions even at such heights. Hence, this kind of behavior in traders has led many people to believe that Bitcoin has way more in terms of growth to reach upward.
According to crypto analytics, while indeed the traders have earned good gains, they have been fairly reluctant about taking profits at these levels compared to previous market cycles.
The analytics firm said realized profit volumes have been running at about $1.56 billion day by day since Bitcoin broke past its previous high of $73,679 on November 5. That said, the amount of profit that Bitcoiners sell is much lower compared to the $3 billion in daily profits taken during Bitcoin’s previous all-time high in March, based on Glassnode. That said, this means Bitcoin still has a way to go before potentially exhausting demand.
Positive Sign For Bitcoin’s Next Upsurge
Industry observers are seeing the money-taking trend as an overt sign for Bitcoin’s further uptrend. According to Cory Klippsten, chief executive of Swan Bitcoin, Bitcoin’s performance has been “spectacular,” noting that the cryptocurrency maintained stable while a huge price surging weekend was on rather low volume. This steady manner has set out more opulence in the traders’ world and much more growth predictions in the coming months.
The same views have been shared by big-time Bitcoin enthusiasts as well. So far, renowned financial mentor and writer Robert Kiyosaki is of the opinion that he will keep on buying Bitcoin, till the time prices reach $100,000 levels. According to Chris of WealthSquad, Bitcoin is still at a very affordable price, in comparison to its prevailing prices. The investor further adds that once the market capitalisation of Bitcoin surpasses gold, as it may be priced at $500,000, investors will regret why did they not buy a few Bitcoin when it was trading under this price range.
Bitcoin On Its Way To $90,000
Since breaking its extended consolidation phase on October 13 when the price traded at $62,507, Bitcoin has gained more than 40%. The tremendous run-up gained increasing momentum after Bitcoin broke the November 5 record high of $73,679. Bitcoin rose to $85,000 on November 11 for the best day ever recorded, with an increase of $8,400. Bitcoin peaked at $90,100 on November 12 but rounded down to the current value of about $87,534.
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