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Bitcoin Price to Hit $275,000, Top Crypto Expert Predicts
Bitcoin price has encountered strong resistance around the $100,000 level amid profit-taking by retail investors.
Bitcoin (BTC), the biggest cryptocurrency, was trading at $98,900 on Dec. 11, lower than the all-time high of about $104,000.
Crypto analysts believe the coin has more upside potential as demand continues to grow while supply diminishes. In a recent piece, the Wall Street Journal noted that the coin’s supply was one of the primary reasons why it will continue rising in value.
Bitcoin’s supply is capped at 21 million coins, with over 19.7 million already mined, leaving only 1.3 million yet to be created. Furthermore, millions of coins have been lost and are unlikely ever to be recovered.
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Additionally, significant portions of Bitcoin are held by entities unwilling to sell, such as MicroStrategy and Marathon Digital.
The amount of Bitcoin on exchanges has continued to decline, now standing at approximately 2.24 million, down from 2.7 million in January. Meanwhile, Bitcoin’s mining difficulty has risen since the last halving event.
