$90,000 is not the top? Glassnode: BTC profit-taking momentum is lower than the previous peak, there is still room for growth

Stimulated by the Trump effect, BTC broke through the March historical high last week and repeatedly hit new highs. Yesterday, it approached the $90,000 mark, making BTCholders realize a profit of $20.4 billion. However, Glassnode's latest report analysis shows that the magnitude of BTC profit-taking is still below the historical peak, indicating the possibility of further upward movement. (Previous summary: BTC failed to challenge $90,000 and fell below $88,000; former Fed hawk: the number of interest rate cuts may decrease after Trump takes office, and US stocks fall together) (Background supplement: Arthur Hayes' new perspective: Trump's administration will initiate infinite QE, and BTC is expected to reach $1 million) After the results of the US presidential election were announced, the market generally believed that the elected US president Trump would take a more friendly stance towards cryptocurrencies, driving the continuous surge in BTC prices and setting new historical highs. Yesterday, it once surged to approach the $90,000 mark, but then experienced a significant pullback, currently reported at $87,282, although the increase in the past month is still close to 40%. Glassnode points out that there is still room for upward movement. Glassnode's latest report released on the 12th pointed out that BTC's surge to a new all-time high is due to strong spot demand and institutional capital inflows. BTC has entered a new round of price discovery phase, and all circulating supplies have realized profits: historically, the frenzy phase lasts for about 22 days, and then a correction occurs, causing more than 5% of the supply to be below the original bid price. The current upward trend has been maintained at a high level of profitability for 12 consecutive days, highlighting strong market sentiment, but also suggesting that according to past patterns, a correction may occur in the future. Glassnode mentioned that since entering the new round of price discovery phase after reaching a new high, there has been a realized profit of $20.4 billion. Although the amount of profit-taking is considerable, it is still below the historical peak, indicating that BTC may still have further upward potential before potential demand is exhausted. According to Glassnode data, since BTC broke through the March historical high of $73,679 on the 5th, the average daily realized profit has been about $1.56 billion, which is only half of the $3 billion daily realized profit during the previous high in March. Traders remain optimistic. Some traders are optimistic about whether BTC can have more room for upward movement in the future. Cory Klippsten, CEO of Swan Bitcoin, analyzed that BTC can still maintain its current price level after a sharp rise under weak trading volume over the weekend, which is amazing. Robert Kiyosaki, author of the financial bestseller "Rich Dad, Poor Dad," said that he will continue to buy BTC until it exceeds $100,000, and then he will stop, at that time it will not be greedy. Chris from WealthSquad said that BTC is still cheap now, only reaching $89,000, and people will realize that this is the most obvious thing ever when BTC surpasses the market capitalization of gold and the price of BTC exceeds $500,000. Anthony Pompliano, co-founder of Morgan Creek Digital, believes that a competition between debt and BTC prices is currently underway. In the past three months, BTC has appreciated by more than 40%, while US politicians have increased national debt by $850 billion. Related report: CZ: If you believe in the "BTC is dead" theory, you can only blame yourself...BTC approaches $90,000 mark, surpassing silver to become the "eighth largest asset" in the world; analyst: BTC Spot ETF is expected to surpass gold ETF in January next year; BTC frenzy is coming, how can small investors maximize their profits? <90,000 is not the top? Glassnode: The magnitude of BTC profit-taking is lower than the previous peak, and there is still room for upward movement> This article was first published on BlockTempo, the most influential blockchain news media in the BlockTempo.