{"id":17675,"date":"2024-11-13T08:08:21","date_gmt":"2024-11-13T08:08:21","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2024\/11\/13\/profit-taking-eases-as-bitcoin-climbs-past-85000\/"},"modified":"2024-11-13T08:08:21","modified_gmt":"2024-11-13T08:08:21","slug":"profit-taking-eases-as-bitcoin-climbs-past-85000","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2024\/11\/13\/profit-taking-eases-as-bitcoin-climbs-past-85000\/","title":{"rendered":"Profit-Taking Eases as Bitcoin Climbs Past $85,000"},"content":{"rendered":"

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Bitcoin Soars Over 40% in October Surge<\/b><\/h2>\n

Bitcoin<\/span><\/a> has experienced a notable surge since October 13th, rising by almost 40%. Investors and traders alike are observing the crypto\u2019s upward potential, and many are confident that the upswing still has a bit more to go.\u00a0 This time around, profit-taking, which is usually fierce when Bitcoin reaches its highest point ever, has been much less, which many people think suggests that there may be more rises ahead before a major decline.<\/span><\/p>\n

A report on the state of the Bitcoin market was just released by <\/span>Glassnode<\/span><\/a>, a company that specializes in crypto analytics. They highlighted that profit-taking, while present, remains below previous high cycles. \u201cEven though profit-taking is significant, it is still below historical peaks, indicating that there may be more room for gains before demand exhaustion\u201d, the report stated. This could indicate that Bitcoin has not yet reached its peak, giving traders reason to remain hopeful. Since entering the current all-time high (ATH) discovery phase, the report revealed $20.4 billion in realized profits.<\/span><\/p>\n

Realized profits during this rally are only half as high as during Bitcoin\u2019s previous all-time high cycles. According to Glassnode, realized profit volumes have averaged $1.56 billion per day since Bitcoin hit its latest ATH of $73,679 in early November. This daily figure is about 50% lower than the $3 billion per day observed in the March all-time high cycle. This difference reinforces the idea that, even with strong profit-taking, the demand for Bitcoin remains high, and traders are not exhausting their profit-seeking just yet.<\/span><\/p>\n

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Source: TradingView<\/p>\n<\/div>\n

Confidence in Bitcoin\u2019s upward movement received another boost following Donald Trump\u2019s recent election win, propelling Bitcoin past the $85,000 mark on November 11. This jump included an impressive single-day gain of $8,400, marking the largest daily rise in Bitcoin\u2019s history. Swan Bitcoin CEO Cory Klippsten commented that it\u2019s \u201cspectacular\u201d how Bitcoin managed to sustain its position even after such a powerful rally on relatively low trading volume.<\/span><\/p>\n

Bitcoin\u2019s performance is still seen positively by dealers and business leaders. Known for his pessimistic views, pro-Bitcoin author and entrepreneur Robert Kiyosaki has declared that he plans to keep buying Bitcoin until it reaches $100,000, at which point he will stop.\u00a0 \u201cNot a time to get greedy,\u201d he wrote, advising others to consider the crypto\u2019s growth without overreaching. WealthSquad\u2019s Chris also emphasized Bitcoin\u2019s value in a recent post, describing it as \u201cstill cheap\u201d at $89,000 and hinting at the long-term potential for even higher gains.<\/span><\/p>\n

Many in the crypto space believe that Bitcoin\u2019s true potential remains untapped. \u201cWhen Bitcoin crosses gold\u2019s market cap and the price of a Bitcoin is $500k +, we\u2019ll realize this was the most obvious thing ever,\u201d WealthSquad Chris predicted, signaling high confidence in the crypto\u2019s trajectory. Anthony Pompliano echoed these sentiments, noting that Bitcoin\u2019s rise might soon go head-to-head with the growing U.S. national debt, which has recently increased by $850 billion.<\/span><\/p>\n

As traders continue to ride this wave, the crypto world watches closely. With more analysts and traders endorsing Bitcoin\u2019s potential, the market seems poised for an exciting and possibly record-breaking period ahead.<\/span><\/p>\n<\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin Soars Over 40% in October Surge Bitcoin has experienced a notable surge since October 13th, rising by almost 40%. Investors and traders alike are observing the crypto\u2019s upward potential, and many are confident that the upswing still has a bit more to go.\u00a0 This time around, profit-taking, which is usually fierce when Bitcoin reaches […]<\/p>\n","protected":false},"author":1,"featured_media":17676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2024\/11\/unnamed-2024-11-13T150719.224.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/17675"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=17675"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/17675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/17676"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=17675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=17675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=17675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}