Bitcoin recovery spurs anticipation for cycle top price arrival.
Analyst observes diminishing exchange reserve for JASMY.
Altcoin JASMY prepares for a massive price pump in the coming months.
Bitcoin price holds strong at the 6-digit price target after a steady recovery from $97,000 following a healthy market correction. Analysts now expect the price of BTC to hit its next ATH between $125,000 to $135,000. One analyst is certain that the target of $125,000 will be hit by January or February.
As the crypto market moves heavily into the super cycle phase of the crypto bull run, analysts warn of a heavy supply shock coming for a majority of popular crypto assets. On the top of the list is Bitcoin, BTC is limited to 21 million tokens of which almost the entire supply has been mined.
Bitcoin Months Away From Cycle Top Price
https://twitter.com/Washigorira/status/1866853128106291408
As we can see from the post above, BTC is just a few months away from hitting its cycle peak price. This is usually determined after BTC surpasses its previous ATH which the pioneer crypto asset did last month. Analysts await the price of BTC to hit the LMACD black trendline to signal when the cycle top price may be in.
JASMY Could Face a Bullish Supply Shock
As more institutes turn to buying and holding Bitcoin, crypto exchanges seem to be running low on their BTC supply. This major supply shock will likely further propel the price of crypto as we move further into the ongoing bull cycle. Similarly, another popular asset known as the Bitcoin of Japan, JasmyCoin, seems to be heading towards a major supply shock of its own.
According to the CryptoQuant analytics, the exchange reserve for JASMY seems to be on the decline exhibiting increased demand for JASMY and signaling high buying pressure. In turn, this boosts the possibility of JASMY price pumping explosively as the shock supply arrives. Indeed, this is a highly bullish sign for JASMY holders.
The post JASMY Exchange Reserves Drop Signaling Bullish Shock Supply Ahead as Bitcoin Nears Cycle Top Price appeared first on Crypto News Land.
