Analysts suspect a massive Bitcoin (BTC) supply shock is coming.
This is caused by the increased buying of BTC which is slowly emptying out exchanges.
This move will soon lead to the next seismic Bitcoin (BTC) price surge.
Bitcoin (BTC) has shifted into its discovery phase for the ongoing bull cycle. Having already surged past its previous ATH of $73,737, the asset is now in a steady sideways movement before it supasses this previous ATH again.
Most Bitcoin price analyst expect the slow sideways movement to carry out for mosnth possibly. However, the price of Bitcoin (BTC) could also surge at anytime depending on retail entry, market makers, and the sway of the market.
There are x2 more #BTC being bought than produced since halvingExchanges sitting at an all time low of BTC supply, means there are almost no more Bitcoin to buy, means price upYou can’t stop this wave of supply shock that is coming. Even MtGox wouldn’t change anything here..
— Doctor Profit (@DrProfitCrypto) May 29, 2024
In particular, popular crypto analysts such as Doctor Profit, known for his accurate predictions, notices an interesting supply observance. Specifically, Doctor Profit notes that Bitcoin (BTC) is being bought off of crypto exchanges at twice the speed it was being bought before the Bitcoin Halving event.
Now, after the successful carrying out of the Bitcoin Halving event. Bitcoin holders are buying out Bitcoin (BTC) at twice the speed. This move leads the analyst to perceive that exchanges are sitting at an all time low of BTC supply. This means that there is almost no Bitcoin left to buy which in turn could likely result in massive BTC price spikes.
He ends his message saying there is no stopping this incredible Bitcoin (BTC) supply shock coming for the market. In accordance with the market, BTC price surging will certainly lead to altcoin prices surging as well.
May 29 ETF Update Total Net Inflows +419 #Bitcoin ($28.3m)Highlights:Blackrock + 364 BTCFidelity + 263 BTCBitwise + 163 BTCGBTC – 462 BTC pic.twitter.com/R7tS2kioiG
— Thomas | heyapollo.com (@thomas_fahrer) May 30, 2024
As a side note, total net inflows for Bitcoin (BTC) ETFs have now surpassed $28,300,000. Of these numbers, BlackRock has secured over 364 BTC, Fidelity over 263 BTC, Bitwise over 163 BTC, and GBTC has over 462 BTC. Truly it will be exciting to see when the Bitcoin supply shock will come into play for the BTC price.
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The post Massive BTC Supply Shock and Explosive ATHs Incoming as Bitcoin (BTC) Buying 2X Since Bitcoin Halving appeared first on Crypto News Land.
