🚨 Are you worried about BTC price action? - Read This!
Since making its top at $74k in march, btc has been on a downtrend. Btc price action has affected alts a lot as most of them are down 50%-80% from their Q1 highs. But this has always been the case.
After each halving, btc goes sideways for a prolonged period of time.
In 2016, btc went sideways for 161 days after halving.
In 2020, btc went sideways for 175 days after halving.
Right now, btc is going sideways from 119 days.
But there are a few bullish things happening on which most of us are not paying attention. For an asset to pump, the supply should go down while demand should rise.
Let's talk about the supply side of btc 👇
➬ since july, etfs and accumulation addresses have bought 450,000 btc
➬ bitcoin supply on exchanges is now at its lowest level in 6 years
➬ bitcoin long-term holders accumulation is at its highest level in 15 months
➬ 45% of btc supply hasn't moved in 6 months
All these metrics are indicating towards an upcoming supply crunch
Along with that:
➮ microstrategy is buying $2b worth of btc
➮ marathon is buying $300m worth of btc
➮ blackrock and other financial institutions are accumulating continuously
Now, what about the demand side?
As we know, demand will start picking by q4 as some major events will take place:
➜ fed rate cut will begin
➜ global qe will start otherwise there'll be a risk on global recession
➜ russia international trade with crypto begin
➜ fasb rule will be implemented that will allow $3t+ of corporate cash to be invested into btc
All these events will increase the liquidity, and along with btc supply crunch, a parabolic run will start!
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- Mende out!
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