Bitcoin surges more than 40% in October
Bitcoin It has experienced a significant surge since October 13, rising nearly 40%. Investors and traders alike are watching for the cryptocurrency’s upside potential, with many believing that gains are still some way off. This time around, there was far less profit-taking that is typically intense when Bitcoin reaches all-time highs, which many believe is a sign that more gains could be coming before a sharp drop.
Bitcoin Market State Report Just Released glass nodea company specializing in crypto analysis. They stressed that while there was profit-taking, it was still below previous high cycles. “Despite significant profit-taking, prices are still below historical peaks, suggesting there may be more room to rise before demand is exhausted,” the report said. This could be a sign that Bitcoin has yet to reach its peak, giving traders reason to remain hopeful. Since entering the current all-time high (ATH) discovery phase, the report shows profits of $20.4 billion have been realized.
The profits realized during this rally were only half of Bitcoin’s previous all-time high cycle. Since Bitcoin hit its latest peak of $73,679 in early November, the amount of profits realized has averaged $1.56 billion per day, according to Glassnode data. This daily figure is approximately 50% lower than the $3 billion daily observed in the all-time high cycle in March. This disparity reinforces the view that even with strong profit-taking, demand for Bitcoin remains high and traders have not exhausted their profit-seeking behavior.
Source: TradingView
Confidence in Bitcoin’s rise was once again boosted after Donald Trump’s recent election victory, pushing Bitcoin past the $85,000 mark on November 11. Marking the largest single-day gain in Bitcoin history. Swan Bitcoin CEO Cory Klippsten commented that it was “amazing” that Bitcoin could maintain its position even with such a strong rally amid relatively low trading volumes.
Bitcoin’s performance continues to be viewed positively by traders and business leaders. Robert Kiyosaki, a pro-Bitcoin author and entrepreneur known for his pessimistic views, announced that he plans to continue buying Bitcoin until the price reaches $100,000, at which point he will stop buying. “This is not the time to be greedy,” he wrote, advising others to consider cryptocurrency growth but not to overextend. WealthSquad’s Chris also highlighted Bitcoin’s value in a recent article, saying it is “still cheap” at $89,000 and hinting at even higher long-term potential.
Many in the crypto space believe that Bitcoin’s true potential remains untapped. WealthSquad Chris predicts: “When Bitcoin’s market capitalization exceeds gold and the price of Bitcoin exceeds $500,000, we will realize that this is the most obvious thing ever.” This shows the confidence in the development trajectory of cryptocurrency. High confidence. Anthony Pompliano echoed these sentiments, noting that Bitcoin’s rise may soon come head-to-head with the growing U.S. national debt, which has recently increased by $850 billion.
The cryptocurrency world is watching closely as traders continue to ride the wave. As more analysts and traders recognize Bitcoin’s potential, the market appears poised for an exciting, potentially record-breaking period.
