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Bitcoin Demands Exceeds Miner Supply By 1,300%, Why A Push To $237,000 Is Possible
As the Bitcoin Halving draws nearer, there is so much optimism about what could happen to Bitcoins price in the aftermath of this event. This optimism is further heightened by a recent development showing how Bitcoins demand far outpaces its supply, which could see the flagship crypto token rise to as high as $237,000. Bitcoin Demand Significantly Outpacing Its Demand Crypto analyst Willy Woo mentioned in an X (formerly Twitter) post that the Bitcoin network receives an average of $607 million of new investor demand daily. On the other hand, this demand is said to be met by a supply of just $46 million daily in terms of Bitcoin mined. This development is more significant considering that the Halving is fast approaching. Related Reading: Bitcoin Millionaire Takes A Shot At Cardano For Being A Wannabe Ethereum Details This is when Bitcoin Miners rewards are cut in half, acting as a deflationary measure and reducing the rate at which more BTC comes into circulation. This also offers a bullish narrative, as the already insufficient supply will decline further after the Halving event. Once that happens, Bitcoin is expected to become more valuable, with more price increases imminent. Industry expert Anthony Pompliano also highlighted this phenomenon when he noted how institutional investors were gobbling up BTC almost 13x faster than its production rate. He added that the flagship crypto token was bound to see a new all-time high (ATH) if this trend continues. This institutional demand for BTC is mainly driven by the Spot Bitcoin ETFs, which were approved in January. Due to the impressive demand for these funds, fund issuers like BlackRock have continued to accumulate a significant portion of the BTC supply on a daily. Interestingly, these Bitcoin ETFs were reported to hold 3.3% of Bitcoins circulating supply earlier in the month. Bitcoins Road To $237,000 In response to Willy Woos post, crypto analyst MacronautBTC made a conservative calculation of how Bitcoins price could rise to $237,000. Using a multiplier of 3x the Dollar currently flowing into the Bitcoin ecosystem, the analyst mentioned that Bitcoin could see an added market cap of 4.38 trillion. Related Reading: Is Ripple Dumping Millions Of XRP? CTO Addresses Reasons Behind $34 Million Transaction He then added the 4.38 trillion to Bitcoins current market cap of 1 trillion, which sums up to a 5.38 trillion market cap. This potentially puts Bitcoins price at $273,000 (a year from now, going by MacronautBTCs calculation. The analyst also highlighted how this price level coincides with predictions made by notable Bitcoin bulls. One of them is Tim Draper, who recently stated that BTC will hit $250,000 in 2025. At the time of writing, Bitcoin is trading at around $50,900, down almost 2%% in the last 24 hours, according to data from CoinMarketCap. BTC price sits above $51,200 | Source: BTCUSD on Tradingview.com Featured image from CNBC, chart from Tradingview.com
