Advertise
Vijay Gir
Vijay Gir
Author
- Nov 13, 2024 08:50 UTC
-
Bitcoin Hits $90K ATH: Is This Rally Just Warming Up?
Bitcoin's recent rally to $90,000 has sparked excitement, but it's not quite as explosive as past surges.
While traders are holding onto their BTC, profit-taking levels are lower than previous peaks, suggesting further growth.
Institutional and governmental interest is driving Bitcoin's maturation, making it less volatile but still capable of surprises.
Bitcoin has always been known for its impressive gains, but the latest rally—reaching $90,000 this November—has everyone talking. Investors are asking: Is this just the start of something bigger, or is Bitcoin hitting its peak?
With high hopes for more gains, let’s take a closer look at Bitcoin’s journey and what might come next.
An Impressive Rally, But History Has Seen Bigger
Sure, this November has been big—Bitcoin surged by about 40% since mid-October, climbing from $66,800 to $90,200. The gains alone are enough to keep any investor glued to the screen. But interestingly, Bitcoin’s profit-taking levels this time are only about half of what they were at past all-time highs, showing that traders are holding on, maybe anticipating even bigger moves.
According to Glassnode, “realized profit volumes” have averaged around $1.56 billion daily since the first crypto topped its previous peak. That’s about half of what we saw in earlier rallies, which hints that maybe this rally is just warming up.
Back in early 2013, BTC delivered quarterly returns of over 539%—a pace we haven’t seen lately. While today’s 36% quarterly gains in Q4 of 2024 are noteworthy, they pale compared to the earlier days. Interestingly, Bitcoin’s profit-taking levels this time are only about half of what they were at past all-time highs. This shows that traders are holding on, possibly anticipating even bigger moves.
Bitcoin Makes a New Record
On November 11, BTC set a new single-day gain, shooting up by $8,400. Renewed interest following the latest U.S. presidential election partly fueled this surge.
The excitement feels much like it did during Bitcoin’s 2017 rise, leaving traders wondering how high it could go. However, unlike the earlier days, institutions, governments, and seasoned investors now fill today’s market, making the crypto less wild than before. In the past, Bitcoin’s peaks were often fast and dramatic, with realized profits hitting $3 billion per day in those major bull runs—twice the amount we’re seeing now.
Robert Kiyosaki’s $100K Bitcoin Bet
Even well-known figures are betting on Bitcoin’s future. Robert Kiyosaki, author of Rich Dad Poor Dad, shared on X (formerly Twitter) that he plans to continue buying Bitcoin until it reaches $100K.
Looking Ahead: Could Bitcoin Break Its Old Records?
So, is Bitcoin on track to break its previous records and deliver another big return? While predictions are always difficult, one thing is clear: Bitcoin is no longer the underdog. With talks of a U.S. Bitcoin reserve and increasing institutional interest, Bitcoin is becoming a more respected asset. Still, surprises are always possible with Bitcoin.
Whether the price continues to climb or experiences a pullback, Bitcoin’s potential is something worth watching closely.
The best may be yet to come for Bitcoin and the broader cryptocurrency market.
Yes 
No 
