BTC achieves record-breaking profits of $443 million - Is it a local peak or a continuation?

Bitcoin has broken through the $99,800 mark, hitting a new all-time high, with the psychological barrier of $100,000 just a step away. Although this milestone indicates strong BTC prices, it has not yet reached this key level, making investors uneasy. Market demand remains strong, leading people to optimistically believe that BTC will soon break through the $100,000 mark.
Key data shows that the realized profit of BTC has reached a historical high, with daily earnings reaching 443 million US dollars. This highlights the tremendous buying pressure in the market as traders and long-term holders lock in unprecedented profits. However, this record-breaking profit-taking has also raised concerns for some investors. They are worried that the upward trend may stall and interpret the sharp increase in realized profits as a potential signal of a local peak scenario.
Despite mixed signals, the overall market sentiment remains bullish. BTC continues to stay above the key support level, indicating strong demand that is sufficient to drive the next pump. As this cryptocurrency is on the verge of a major breakthrough, the next few hours and days will determine whether BTC can maintain its momentum to break through the decisive $100,000 mark, or if a temporary consolidation is imminent.
BTC pumped from $66,800 to $99,800, marking a unique and unexpected bullish phase in 2024. As the price approaches the elusive milestone of $100,000, many investors who doubted whether BTC could reach this level this year are now revising their expectations. Strong demand and market confidence have driven the surge in BTC price, and breaking $100,000 seems inevitable. If this happens, analysts generally expect BTC to remain bullish, further solidifying its dominant position in the cryptocurrency field.
However, market dynamics indicate that the journey to $100,000 may not be smooth sailing. A pullback at this stage is not only possible but may also be beneficial for market health. A pullback will provide a consolidation opportunity, potentially allowing alts to recover and initiate their own Rebound.
Analyst Maartunn's key insights revealed the aggressive nature of this Rebound. Data shows that BTC's realized profit recently hit a historic high of $443 million per day, reflecting a large amount of profit-taking activity. While this confirms strong buying pressure, it has also raised concerns among cautious investors, who interpret the soaring profits as a potential sign of a local top.
Despite these concerns, BTC still has the potential to rise. Maintaining support above $95,000 will sustain the bullish momentum, but a healthy correction from current levels may also provide the necessary impetus to break $100,000 in the near future.
BTC is currently holding strong above the $97,000 mark, maintaining a bullish momentum and is expected to break through the $100,000 mark. This level represents an important psychological and technical barrier, and market sentiment remains optimistic about the potential for BTC to break through this barrier. Due to sustained demand, many investors are preparing for a potential explosive surge in BTC's trajectory over the next few weeks.
However, people are increasingly worried that BTC may set a local high. If this scenario becomes a reality, the price may enter a consolidation phase, with the market digesting the recent gains, and the consolidation phase may last for several weeks. Analysts believe that maintaining above $98,000 in the next few days will maintain a bullish momentum and pave the way for breaking through $100,000.
On the other hand, if BTC fails to hold the key level of $97,000, it may signal the beginning of a healthy pullback. In this case, the price could retreat to the level of $92,000, which is a critical support area that may play a strong supporting role. Pulling back to this level will enable BTC to regain strength and lay the foundation for another rise, thus consolidating its long-term bullish trend.
(Data Source: Sebastian Villafuerte)