Bitcoin (BTC) Realized Profits Drop $9 Million… Bullish Forecasts Triggered

From November 21, BTC remained around $100,000, but BeInCrypto explains this as an increase in realized profits. Recent data shows that profit-taking activity has slowed down. What impact will this have on the BTC price? Bitcoin holders slow to realize profits According to Glassnode data, on Thursday, November 21, BTC realized profits surged to $10.58 million. However, at the time of writing this, it has dropped to $1.58 million, a difference of $9 million. Realized profit refers to the value of coins sold after the price has risen. No one wants to buy coins and then sell them at a loss. Typically, people tend to sell when they have made a profit. This is why this indicator rising makes it difficult for the cryptocurrency price to continue rising. However, since realized profits have decreased, most BTC holders have stopped mass selling. If this trend continues, the BTC price may rebound and reach $102,500. This sentiment is further supported by the coin holding time metric, which tracks how long cryptocurrencies are held or traded. A decrease in coin holding time means that holders of a particular cryptocurrency are selling. If this trend continues, it becomes a downward trend. However, over the past 7 days, BTC coin holding time has increased by 65%. This increase reinforces the bias that selling pressure has decreased due to BTC realized profits. Interestingly, IT Tech, an analyst at Cryptoquant, agrees that BTC can continue to rise. "The green bars showing STH profits have not reached the levels seen at the previous $72,400 peak. This suggests that the profit-taking pressure has not reached its peak, leaving room for the price to rise further." - IT Tech, Cryptoquant analyst BTC price forecast: High likelihood of reaching $102,500 On the daily chart, BTC continues to trade within an ascending channel, suggesting the possibility of further upside. BeInCrypto also observed that the Supertrend indicator is still bullish. Supertrend is a technical indicator used to capture the direction in which an asset is moving. If the red part of the indicator is above the price, the trend is bearish and the price may decline. However, since the green zone is below the price, the value may exceed $99,780. If so, the BTC price could rise to $102,500. On the other hand, if BTC realized profits surge again, this may not occur. Instead, the value could drop to $84,466.