Isn’t 90,000 mg the maximum? Glassnode: Bitcoin profit-taking is lower than the last peak, and there is still room for growth

After the results of the US presidential election were announced, the market generally believes that the president-elect Trump will take a more friendly stance towards cryptocurrencies, driving the price of Bitcoin to soar continuously, setting a new historical high. Yesterday, it once surged to approach the $90,000 mark, but then experienced a significant correction, currently reported at $87,282, although the increase over the past month has still reached nearly 40%. Glassnode pointed out in a report released on the 12th that Bitcoin has soared to a new all-time high, benefiting from strong spot demand and institutional capital inflows. Bitcoin has entered a new round of price discovery, and all circulating supply has already profited: "Historically, the frenzy stage lasts about 22 days, and then a correction will occur, causing more than 5% of the supply to fall below the original purchase price. The current upward trend has maintained a high profit level for 12 consecutive days, highlighting the strong market sentiment, but also implying that according to past patterns, a correction may occur in the future." Glassnode mentioned that since entering the new high price discovery stage, $20.4 billion in realized profits have been generated. Although the amount of profit-taking is considerable, it is still lower than the historical peak, which implies that Bitcoin may still have room for further upside before potential demand is exhausted. According to Glassnode data, since Bitcoin broke through the historical high of $73,679 in March on the 5th, the average daily realized profit has been about $1.56 billion, which is only about half of the $3 billion daily realized profit during the previous cycle's March historical high period. Some traders remain optimistic about Bitcoin's potential for further upside. Swan Bitcoin CEO Cory Klippsten analyzed that Bitcoin's ability to maintain its current price level after a sharp surge on weak weekend trading volume is amazing. Robert Kiyosaki, the author of the best-selling financial book "Rich Dad, Poor Dad", stated that he will continue to buy Bitcoin until it exceeds $100,000, and then he will stop, as it will no longer be the time for greed. WealthSquad Chris believes that Bitcoin is still very cheap at $89,000, and when Bitcoin's market cap exceeds that of gold and its price reaches over $500,000, people will realize that this is the most obvious thing in history. Morgan Creek Digital co-founder Anthony Pompliano believes that a race is underway between debt and Bitcoin price, and over the past 3 months, Bitcoin has appreciated by more than 40%, while US politicians have added $850 billion in national debt.