The recent decline in Bitcoin (BTC) realized profits, dropping by $9 million, suggests a potential bullish outlook for the cryptocurrency. As profit-taking activities slow down, Bitcoin holders exhibit less selling pressure, which might push the price upwards. This trend hints at the possibility of Bitcoin reaching the $100,000 mark soon.
Data from Glassnode shows that realized profits surged to $10.58 million before dropping to $1.58 million. Lower realized profits mean less selling activity, which could allow Bitcoin's price to rebound. The increase in the Coins Holding Time metric, up by 65% over seven days, further supports this sentiment.
Analysts like IT Tech from CryptoQuant agree, noting that profit-taking pressure hasn't reached its peak, allowing potential price increases. BTC continues to trade within an ascending channel, supported by a bullish Supertrend indicator, hinting at a potential price rise to $102,500. However, if realized profits surge again, the price might decline.
