Bitcoin price is well above the $67,000 price level, which is indeed a very bullish indicator supporting the green expectations for the fourth quarter.
Many analysts expect Bitcoin price to surge to a higher cycle top in this bull run, with predictions ranging from $220,000 to $550,000.
The analyst making these predictions is the extremely eloquent crypto analyst Doctor Profit.
So far, most of his predictions have come true, which makes his bullish prediction for a BTC cycle top even more powerful.
Currently, Doctor Profit is once again reminding the crypto community of what’s coming next.
As we can see from the post above, Dr. Profit highlights how the market is starting to price in a BTC supply shock as it approaches. He points out that there are only 2 million BTC on cryptocurrency exchanges, while ETFs have purchased more than 5% of the entire Bitcoin supply in just seven months.
The latest data from spot ETFs and BTC miners adds weight to his words.
As we can see from the post below, the spot Bitcoin ETF just bought 5,676 BTC yesterday, while miners only produced 450 BTC. In fact, if this pattern continues, then there is no doubt that Bitcoin (BTC) will face a huge supply shock.
