Glassnode: If Bitcoin approaches $94,900, demand may slow down. Existing holders might increase selling pressure

Analysts from the encrypted data provider Glassnode stated that before demand exhaustion and cooling of the upward trend, Bitcoin's monthly profits have always been between 30-50 billion US dollars. In contrast, since Bitcoin entered its latest record-breaking discovery phase, realized profits are about 20.4 billion US dollars. Although there is a large degree of profit retrenchment, the profit level is still below historical peaks, indicating that there is room for further increase before potential demand runs out.

The cost basis for current new investors or short-term investors is approximately $66,800 USD. This sets an upper and lower limit for Bitcoin prices at around $94,900 USD and $51,600 USD respectively. However if Bitcoin approaches the upper limit of $94,900 USD it may highlight "a slowdown in demand as well as prices high enough to encourage many existing holders to increase selling pressure."