The supply of bitcoin was strictly constrained In this article, let’s examine the Bitcoin supply in 2023

Compared to other cryptocurrency coins Bitcoin is a highly erratic currency. Nakamoto put a strict limit on the bitcoin supply while creating it. The rate at which the bitcoin supply is increasing along a pre-set path is decreasing. More than 21 million bitcoins will never be in circulation. As a result, one should not be concerned about unforeseen fluctuations in the bitcoin supply. The bitcoin supply is extremely predictable. Let’s explore the Bitcoin supply in 2023. As of writing on March 9, 2023, there are 19.31 million bitcoins in circulation. One block of bitcoin transactions is verified by miners every ten minutes. 6.25 bitcoins are now awarded for validating a single bitcoin block. Thus, every day, about 900 bitcoins are issued into circulation. Bitcoin’s supply is limited. As a result, trading with another person will be the only option to obtain Bitcoin once the supply is reached. There can only ever be 21 million Bitcoins in circulation.

Experts predict that the total amount of Bitcoins issued will almost certainly never surpass this limit. It is so because the Bitcoin code base contains rounding operations. To impose a Bitcoin cap restriction, block rewards are frequently divided over time. There won’t be any more Bitcoin cryptocurrency created after the final 21 million have been mined. So, the only sources of income for Bitcoin miners will be the sale of their coins and transaction fees.

Although there are theoretically 21 million bitcoins available, 4 million of them have been irretrievably lost. Bitcoins can be misplaced if the owner misplaces the private key to a paper wallet or other cold storage wallet if the private key is lost, if the wallet is misplaced, or if the owner’s wallet or hard drive is lost. Without a private key, it is impossible to use or trade bitcoins because it is necessary to send them from one wallet to another. As owners were less vigilant when the coins were just worth pennies, many bitcoins were lost in the early years of the cryptocurrency. As they are not maintained on an exchange, which may be exposed to security threats, and are kept offline, cold storage wallets are the most secure way to hold bitcoins.

A sizeable fraction of the available bitcoins are owned by several investors who entered the Bitcoin market early. Whales are investors who own enough bitcoin to influence the market when they buy or sell. 5 million bitcoins, or around 28% of the entire supply, are now held by about 1,600 companies. From Bitcoin’s birth, Satoshi Nakamoto, the alleged creator (or group of founders), has kept 1 million bitcoins in their wallet without ever moving a single one. Even though some whales do sell and spend their bitcoins, most of them choose to keep with them, effectively removing them from the market.

No new bitcoins will be created after the maximum number of bitcoins has been achieved, even if that number ultimately falls slightly below 21 million. Bitcoin miners will still be compensated, but probably simply with transaction processing fees, for continuing to pool and process bitcoin transactions into blocks. 

Bitcoin miners will undoubtedly be impacted when Bitcoin reaches its upper supply limit, but how much will depend on how Bitcoin develops as a cryptocurrency. Bitcoin miners might still be able to make money solely from transaction processing fees in 2140 if the Bitcoin blockchain handles a large volume of transactions.

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3 coins to keep an eye on | 23 MAY 2023

HOLO

HOLO has retraced into the bottom quarter of its 2023 range, increasing the odds that the price will find at least short-term support.

The price is testing possible support around $0.001637, near December's monthly open. This level is also near the midpoint of May 8th's weekly wick and overlaps with a daily gap from March. Bulls rejected bears at this level in early May and could find support at it again.

Just above, bulls rejected bears on the weekly chart on March 6th near $0.001692. The price might retrade to and find resistance at this level. It also contains the 18 EMA and is where bears rejected bulls in mid-May after a gentle move upward.

A strong rally will likely aim for bears' stops trailed above the $0.001751 daily swing high. Above this high, a weekly gap at $0.001767 and the 40 EMA may provide stiff resistance. Tuesday's AMA could reveal news to catalyze this stop run.

Q4 formed relatively equal lows near $0.001380. Bulls' stops under these lows might continue to draw the price downward.

If bears keep the upper hand, May's relative equal lows near $0.001575 offer a tempting target for a sweep into the bottom of January 9th's weekly gap. Bulls also rejected bears near this level on March 11th. If this move occurs, the open weekly gap and mid-May's retracement mean that it could happen very aggressively.

Like HOLO, POND has also dropped into the bottom quarter of 2023's range, increasing the chance for a short-term rally.

Bears' stops above relative equal highs at $0.00899 provide a clear potential upside target. Above these highs, an unfilled weekly gap reaches up to $0.00932, where bulls rejected bears during the week of March 6th. This area, near the 40 EMA, could provide resistance and a possible bearish turning point.

A spike further might reach slightly higher to the base of late April's consolidation. This level also has confluence with the first unfilled daily gap after May 6th's breakdown.

The price is consolidating inside possible support between $0.00877 and $0.00849. This zone saw accumulation before May 11th swept bulls' stops under March 6th's weekly low.

If bears regain control - more likely after a possible sweep of the $0.00899 highs near Thursday's event - they may push for bulls' stops under May 12th's swing low at $0.00802.

If this drop happens, the price could find support near $0.00793. Bulls rejected bears on the weekly chart at this level in November. It also saw significant accumulation before the early 2023 rally.

Unlike HOLO and PON, UTK has already rallied from the bottom quarter of its range. This price climb could aim to give buyers a chance to sell before traders "sell the news" of Thursday's rebranding.

Bears have rejected bulls on the weekly chart between approximately $0.1241 and $0.1184. The price recently ran into this level, and then the four-hour chart showed some signs of distribution. This level might provide resistance that causes a retracement soon.

A daily gap near the midpoint of the current rally, around $0.1061, may be a potential retracement target. The price could aim to rebalance this area, which also holds the 40 and 18 EMAs.

If bulls can find the strength to push through resistance, aggressive bears' stops above $0.1298 are the next target. Bears rejected bulls in October, February, and April near $0.1349 on the monthly chart. This level might provide resistance if bulls can continue the rally.

A drop below the $0.1061 daily gap may find its next speed bump near $0.0948. Bulls accumulated here in December on the monthly chart. The weekly chart shows that they rejected bears near this level multiple times, and the daily chart shows accumulation before a stop run at the origin of the most recent rally.

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