{"id":652981,"date":"2024-11-14T08:00:43","date_gmt":"2024-11-14T08:00:43","guid":{"rendered":"https:\/\/ktsl888.com\/?p=652981"},"modified":"2024-11-13T17:16:54","modified_gmt":"2024-11-13T17:16:54","slug":"bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/","title":{"rendered":"Bitcoin Crosses $93,000 \u2013 Is There More Room for Gains or Are We Nearing a Peak?"},"content":{"rendered":"<p>Bitcoin has continued with its strong <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-buying-pressure-rises-but-heres-why-a-pullback-could-be-coming\/\" target=\"_blank\" rel=\"noopener \">bullish momentum<\/a>, trading at highs that have never before been seen. Today, the asset has achieved a new all-time high of roughly $93,477. This ATH was achieved not long ago following an earlier dip today to $85,000.<\/p>\n<p>However, at the time of writing, BTC has seen a slight pullback, now down 0.5% from its peak to currently trade at $92,544, albeit still up 5.6% in the past day.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/is-bitcoin-now-overheating-key-metrics-reveal-crucial-insights-for-investors\/\" target=\"_blank\" rel=\"noopener \">Is Bitcoin Now Overheating? Key Metrics Reveal Crucial Insights For Investors<\/a><\/div>\n<h2>Bitcoin Finally At Its Peak?<\/h2>\n<p data-pm-slice=\"1 1 []\">Amid the price surge in BTC, market analysts have offered their perspectives on Bitcoin\u2019s potential trajectory. Crazzyblockk, a CryptoQuant analyst, <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6734ae9702ec73517f05b8a4-Is-Bitcoin-at-Its-Price-Peak-Evaluating-Investor-Profitability-to-Find-Out\" target=\"_blank\" rel=\"noopener nofollow\">addressed<\/a> questions regarding whether Bitcoin has <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/is-bitcoin-now-overheating-key-metrics-reveal-crucial-insights-for-investors\/\" target=\"_blank\" rel=\"noopener \">reached its peak<\/a> by evaluating market profitability indicators.<\/p>\n<p data-pm-slice=\"1 1 []\">According to Crazzyblockk, two key metrics are essential for assessing Bitcoin\u2019s profitability: the number of Bitcoin addresses currently in profit and the overall profitability rate for these addresses. The analyst observed that nearly all Bitcoin addresses are profitable, indicating <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/short-term-bitcoin-holders-move-millions-to-binance-is-a-market-correction-imminent\/\" target=\"_blank\" rel=\"noopener \">heightened market risk<\/a>.<\/p>\n<p data-pm-slice=\"1 1 []\">However, he also noted that current profit margins across different holding periods remain below those observed during previous bull markets, such as the 2019-2020 and 2021 uptrends, where profit margins reached 800-900%.<\/p>\n<p data-pm-slice=\"1 1 []\">Despite concerns about potential short-term price corrections due to elevated market risks, Crazzyblockk expressed confidence in Bitcoin\u2019s long-term upward trajectory.<\/p>\n<p data-pm-slice=\"1 1 []\">He emphasized that strategies such as Dollar-Cost Averaging (DCA) and maintaining a long-term investment approach could benefit capital growth in this environment.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/OVOXM5be\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=OANDA%3AEURGBP\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<h2 data-pm-slice=\"1 1 []\">More Room For Gains?<\/h2>\n<p data-pm-slice=\"1 1 []\">In a separate <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/673436f802ec73517f0569c5-Some-Miners-Are-Taking-Profits-but-Bitcoins-Upside-Potential-Remains-Strong\" target=\"_blank\" rel=\"noopener nofollow\">analysis<\/a>, CryptoQuant analyst Avocado Onchain highlighted miner activity and its implications for Bitcoin\u2019s price movement. Avocado noted that some Bitcoin miners have already begun taking profits, but this does not necessarily indicate a weakening of Bitcoin\u2019s overall upward potential.<\/p>\n<p data-pm-slice=\"1 1 []\">He pointed to the Miner Position Index (MPI), which tracks Bitcoin outflows from miners&#8217; wallets relative to the annual average. A high MPI suggests increased miner selling activity, which can signal that Bitcoin\u2019s price may be approaching a cycle peak.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/short-term-bitcoin-holders-move-millions-to-binance-is-a-market-correction-imminent\/\" target=\"_blank\" rel=\"noopener \">Short-Term Bitcoin Holders Move Millions To Binance\u2014Is A Market Correction Imminent?<\/a><\/div>\n<p data-pm-slice=\"1 1 []\">So far, recent data showed a slight increase in MPI as Bitcoin reached new all-time highs. Avocado explained that this could represent early positioning for the next market cycle. By converting MPI to a 30-day moving average, clearer signals emerge regarding market cycles.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/329306\/quicktake\/1K2GkOeH_a043d8be2e32acbce4d960ef8c58c25e840c0e22cf6ba86dce4d5f61c08057b6.png?resize=1280%2C719&#038;ssl=1\" alt=\"Bitcoin Miner Position Index.\" width=\"1280\" height=\"719\"><figcaption class=\"wp-caption-text\">Bitcoin Miner Position Index. | Source: MPI<\/figcaption><\/figure>\n<p>The analyst identified patterns of profit-taking by miners near cycle tops, often followed by subsequent price increases and, eventually,<a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/analyst-warns-of-10-bitcoin-price-drop-ahead-of-cpi-data\/\" target=\"_blank\" rel=\"noopener \"> longer-term downtrends<\/a>. Avocado Onchain also highlighted additional data supporting the potential for further Bitcoin price growth.<\/p>\n<p>The hashrate and mining difficulty, key indicators of mining activity and network security, have reached new highs, reflecting strong miner participation and<a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-weekly-rsi-entering-power-zone-last-time-btc-soared-80\/\" target=\"_blank\" rel=\"noopener \"> overall network health<\/a>.<\/p>\n<p>This data, combined with continued market interest and growing liquidity, suggests that Bitcoin&#8217;s price could experience further upside in this cycle, as suggested by Avocado&#8217;s analysis.<\/p>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has continued with its strong bullish momentum, trading at highs that have never before been seen. Today, the asset has achieved a new all-time high of roughly $93,477. This ATH was achieved not long ago following an earlier dip today to $85,000. However, at the time of writing, BTC has seen a slight pullback, now down 0.5% from its peak to currently trade at $92,544, albeit still up 5.6% in the past day. Related Reading: Is Bitcoin Now Overheating? Key Metrics Reveal Crucial Insights For Investors Bitcoin Finally At Its Peak? Amid the price surge in BTC, market analysts have offered their perspectives on Bitcoin\u2019s potential trajectory. Crazzyblockk, a CryptoQuant analyst, addressed questions regarding whether Bitcoin has reached its peak by evaluating market profitability indicators. According to Crazzyblockk, two key metrics are essential for assessing Bitcoin\u2019s profitability: the number of Bitcoin addresses currently in profit and the overall profitability rate for these addresses. The analyst observed that nearly all Bitcoin addresses are profitable, indicating heightened market risk. However, he also noted that current profit margins across different holding periods remain below those observed during previous bull markets, such as the 2019-2020 and 2021 uptrends, where profit margins reached 800-900%. Despite concerns about potential short-term price corrections due to elevated market risks, Crazzyblockk expressed confidence in Bitcoin\u2019s long-term upward trajectory. He emphasized that strategies such as Dollar-Cost Averaging (DCA) and maintaining a long-term investment approach could benefit capital growth in this environment. More Room For Gains? In a separate analysis, CryptoQuant analyst Avocado Onchain highlighted miner activity and its implications for Bitcoin\u2019s price movement. Avocado noted that some Bitcoin miners have already begun taking profits, but this does not necessarily indicate a weakening of Bitcoin\u2019s overall upward potential. He pointed to the Miner Position Index (MPI), which tracks Bitcoin outflows from miners&#8217; wallets relative to the annual average. A high MPI suggests increased miner selling activity, which can signal that Bitcoin\u2019s price may be approaching a cycle peak. Related Reading: Short-Term Bitcoin Holders Move Millions To Binance\u2014Is A Market Correction Imminent? So far, recent data showed a slight increase in MPI as Bitcoin reached new all-time highs. Avocado explained that this could represent early positioning for the next market cycle. By converting MPI to a 30-day moving average, clearer signals emerge regarding market cycles. The analyst identified patterns of profit-taking by miners near cycle tops, often followed by subsequent price increases and, eventually, longer-term downtrends. Avocado Onchain also highlighted additional data supporting the potential for further Bitcoin price growth. The hashrate and mining difficulty, key indicators of mining activity and network security, have reached new highs, reflecting strong miner participation and overall network health. This data, combined with continued market interest and growing liquidity, suggests that Bitcoin&#8217;s price could experience further upside in this cycle, as suggested by Avocado&#8217;s analysis. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":652983,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,55860,629,1119,78790,6664,10923],"class_list":["post-652981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-hashrate","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Bitcoin Crosses $93,000 \u2013 Is There More Room for Gains or Are We Nearing a Peak?<\/title>\n<meta name=\"description\" content=\"Bitcoin has continued with its strong bullish momentum trading at highs never before seen. 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As of today, the asset has achieved a new ATH...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-14T08:00:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-13T17:16:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/11\/DALL\u00b7E-2024-11-13-17.54.16-A-digital-illustration-depicting-Bitcoin-crossing-the-93000-milestone.-The-image-shows-a-large-Bitcoin-symbol-ascending-past-a-93000-mark-on-a-fin.jpg?fit=1024%2C1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Samuel Edyme\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@0xEdyme\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Samuel Edyme\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/\"},\"author\":{\"name\":\"Samuel Edyme\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/d19b5f18d945fb75e71771134d0e2500\"},\"headline\":\"Bitcoin Crosses $93,000 \u2013 Is There More Room for Gains or Are We Nearing a Peak?\",\"datePublished\":\"2024-11-14T08:00:43+00:00\",\"dateModified\":\"2024-11-13T17:16:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/\"},\"wordCount\":528,\"publisher\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/11\/DALL\u00b7E-2024-11-13-17.54.16-A-digital-illustration-depicting-Bitcoin-crossing-the-93000-milestone.-The-image-shows-a-large-Bitcoin-symbol-ascending-past-a-93000-mark-on-a-fin.jpg?fit=1024%2C1024\",\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"Bitcoin hashrate\",\"bitcoin market\",\"btc\",\"BTCUSDT\",\"crypto\",\"crypto market\"],\"articleSection\":[\"Bitcoin News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/\",\"url\":\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/\",\"name\":\"Bitcoin Crosses $93,000 \u2013 Is There More Room for Gains or Are We Nearing a Peak?\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-crosses-91000-is-there-more-room-for-gains-or-are-we-nearing-a-peak\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/11\/DALL\u00b7E-2024-11-13-17.54.16-A-digital-illustration-depicting-Bitcoin-crossing-the-93000-milestone.-The-image-shows-a-large-Bitcoin-symbol-ascending-past-a-93000-mark-on-a-fin.jpg?fit=1024%2C1024\",\"datePublished\":\"2024-11-14T08:00:43+00:00\",\"dateModified\":\"2024-11-13T17:16:54+00:00\",\"description\":\"Bitcoin has continued with its strong bullish momentum trading at highs never before seen. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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