Bitcoin continues to stir the market, reaching new highs while analysts discuss the potential for an upcoming correction.
Profit-Taking Below Historical Peaks
According to Glassnode analysts, Bitcoin has entered a 'price discovery phase,' with the entire circulating supply now in profit. Since surpassing its previous all-time high of $73,679, Bitcoin has seen $20.4 billion in realized profits. Despite substantial profit-taking, the volume remains 'below historical peaks,' which suggests that Bitcoin may have room to climb before potential demand exhaustion.
Key Price Levels To Watch
After breaking the $73,679 resistance level on November 5, Bitcoin surged to $90,100 on November 12, before cooling slightly to $86,534. Critical levels to watch now include the $75,000-$76,000 support zone and the $89,500 resistance level, which, if breached, could push Bitcoin's price higher.
Traders Remain Optimistic
Despite the potential for a correction, many traders remain optimistic about Bitcoin's future. Figures like Robert Kiyosaki and WealthSquad Chris have voiced confidence in Bitcoin's continued rise, with Kiyosaki stating he plans to buy until the price reaches $100,000. However, experts advise caution and recommend watching the market closely for any signs of a correction.
Bitcoin shows strong market presence, but it's crucial to stay alert to its movements to anticipate potential trend changes.
