Why Bitcoin Could Continue Its Climb Beyond Record Highs, According to Van Straten
Bitcoin recently soared past the $77,000 mark for the first time, fueled by optimism in the crypto market tied to the U.S. election results and other factors. According to Van Straten, a notable indicator of Bitcoin's potential for further gains is the relatively low level of profit-taking by investors. Recent data from Glassnode shows only moderate profit-taking, far below peaks seen in prior bull runs, indicating that many investors are holding out for even higher prices.
Additionally, Bitcoin's popularity in Google searches remains lower than during previous high points, suggesting that widespread market euphoria hasn't yet set in. Bitcoin's inflation-adjusted high of around $78,000 could also play a role, as some investors may be waiting for further increases to account for purchasing power lost to inflation. With these factors in play, Van Straten suggests Bitcoin’s rally may still have significant upside potential.
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