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.