Bitcoin (BTC) Realized Profit Shrinks By $9 Million, Ignites Bullish Forecasts

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As a seasoned crypto investor who has seen Bitcoin’s rollercoaster ride for years now, I find myself cautiously optimistic about the current market situation. The recent drop in realized profits and the increase in BTC Coins Holding Time are encouraging signs that selling pressure has decreased, potentially paving the way for a rise towards the $100,000 milestone.

Since November 21, Bitcoin (BTC) has hovered near the $100,000 mark but hasn’t hit it, with BeInCrypto attributing this to increased realized profits.

Recent data shows that profit-taking activity has slowed. What does this mean for Bitcoin’s price?

Bitcoin Holders Step Back from Booking Gains

According to Glassnode’s data, Bitcoin saw a significant increase in realized profits, amounting to approximately $10.58 million on Thursday, November 21st. Yet, at the moment, that figure has dwindled to around $1.58 million, representing a substantial drop of roughly $9 million.

In simple terms, Realized Profit refers to the money made from selling cryptocurrencies whose prices have risen. When this figure goes up, it can become tough for the crypto’s price to keep surging ahead.

Given that the profit from Bitcoin (BTC) has decreased, many of its holders seem to have stopped selling it in significant amounts. This pattern might persist, leading to a potential rebound and increase in Bitcoin’s price, possibly reaching the $100,000 mark.

The idea is reinforced by the Coin Holding Duration measure, which monitors the length of time a cryptocurrency remains in the possession of its owners without being traded or exchanged.

As the duration that coins are being held decreases among holders of a specific cryptocurrency, it typically suggests they’re offloading their assets. If this pattern persists, the market trend could turn bearish. However, over the past seven days, there’s been a 65% rise in Bitcoin Coins Holding Time, which might indicate a contrary scenario or increased holding among investors.

This increase strengthens the trend suggesting that selling pressure for Bitcoin is lessening, according to its realized profit. Intriguingly, a cryptocurrency analyst from IT Tech, concurs with the idea that Bitcoin’s price could potentially keep rising further.

IT Tech mentioned that the green bars representing profits from STH sales haven’t climbed as high as they did during the $72,400 maximum yet. This indicates that the urge to sell for profit isn’t at its highest point, implying there could be more increases in price ahead.

BTC Price Prediction: $102, 500 Seems Close

As a researcher studying Bitcoin, I observe that on a day-to-day basis, its trading pattern aligns with an ascending channel, implying a possible upward trajectory in its value.

Additionally, we noticed at BeInCrypto that the SuperTrend indicator continues to signal an upward trend. This SuperTrend tool helps identify the general direction of an asset’s price movement.

If the top portion of the indicator is red and sits higher than the current price, the trend indicates a possible decrease in Bitcoin’s price. But since the lower section, or the green area, falls below the current price, there’s a chance that the value could surpass $99,780. If this occurs, Bitcoin’s price might potentially reach $102,500.

Conversely, should Bitcoin see another wave of increased profits, it may not follow the expected trend. Instead, its value could potentially drop down to approximately $84,466.

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2024-11-25 20:42