Bitcoin (BTC) has recently reached an impressive new all-time high of $93,477, narrowing the gap to the eagerly anticipated $100,000 target. The ongoing price surge has seen surprisingly low levels of profit-taking, igniting hopes that BTC still has significant room to rise.
A recent report by Glassnode attributes the current BTC price momentum to robust spot demand and growing institutional interest. An additional boost comes from the recent presidential victory of Republican candidate Donald Trump, injecting a dose of optimism into the digital assets industry.
Remarkably, over 95% of Bitcoin’s supply is currently in profit, yet profit-taking remains subdued. Historically, during previous BTC ATH cycles, monthly profit realization typically ranged between $30 and $50 billion. In contrast, the current price discovery phase has seen only around $20.4 billion in realized profit.
This reduced profit-taking level suggests BTC’s price may continue to climb, potentially reaching the $100,000 milestone before any significant demand drop-off occurs. The cost basis of new BTC investors, along with upper and lower statistical bands, shows BTC’s spot price of $91,199 just below its upper band of $94,900, indicating possible further upward movement.
Additionally, there is a consensus among industry experts that excess leverage in the market must be flushed out before BTC can achieve the $100,000 target. Data from Coinglass reveals that over $718 million worth of crypto contracts were liquidated in the past 24 hours, affecting 202,074 traders. This liquidation was almost evenly split between longs and shorts, showing the absence of a clear trading advantage amid strong bullish sentiment.
Several industry leaders remain optimistic about BTC’s price trajectory. In October, the CEO of BTC mining firm CleanSpark stated that Bitcoin could peak at $200,000 within the next 18 months. Similarly, BitMEX co-founder Arthur Hayes has recently projected that BTC could reach $1 million under the Trump administration. As of now, Bitcoin is trading at $91,199, marking a 3.9% increase in the past 24 hours.
