Bitcoin Dips Below $96,000 Amid Record Profit-Taking

On November 24, the price of the leading cryptocurrency fell below $96,000. This followed a surge in daily realized profits to a record $443 million, according to CryptoQuant.

BTC: Realized Profit reached an ALL-TIME HIGH of $443 million (daily) ? pic.twitter.com/XXANCIogxk

— Maartunn (@JA_Maartun) November 23, 2024

At the time of writing, the price had rebounded to $98,000.

In the derivatives market, the pullback led to the liquidation of positions in digital gold worth $53.8 million.

According to CryptoQuant, unrealized profits reached 57%. For comparison, March 2024 saw a peak of 69%. This indicates an increased likelihood of a price correction, experts noted.

Likelihood of a correction increased? ?

Unrealized Profit levels are elevated, currently sitting at 57%. This is approaching the March 2024 peak of 69%, signaling an increased probability of a price correction. pic.twitter.com/f0VEJMJSYw

— Maartunn (@JA_Maartun) November 23, 2024

VanEck has confirmed a forecast of $180,000 for Bitcoin.

Earlier, Bernstein identified catalysts for the price of the leading cryptocurrency to rise to $200,000.