Since Bitcoin broke past its March high of $73,679, Bitcoiners have pulled $20.4 billion in realized profits, but Glassnode believes “further gains” may be on the horizon.
Bitcoin has surged over 40% since Oct. 13. Yet, traders remain confident in its upside potential, pointing out that profit-taking is only about half as intense as during previous all-time high cycles.
“While profit-taking is substantial, it remains below historical peaks, suggesting additional room for further gains before reaching potential demand exhaustion,” crypto analysis firm Glassnode stated in a Nov. 12 market report.
Glassnode explained that “realized profit volumes” have averaged around $1.56 billion a day since Bitcoin (BTC) broke past its past-held all-time high of $73,679 on Nov. 5, nearly half of the $3 billion per day recorded during the previous cycle’s all-time highs in March.
