Another BTC Supply Shock Is Brewing: Will It Brace $100,000 By The End Of 2021?
Bitcoin has declined 10% in the past week but analysts believe the bull run is still going strong. 2021 is the year after the halving. When we look back on history, we have 2013 and 2017, the years after the previous two halvings that both saw a big bull run for bitcoin. In 2013, bitcoin gained 5428% while it gained 1336% in 2017 alone. When we look at 2021, bitcoin opened the year with one bitcoin priced at $28,800, and the figure has increased 66% so far. Even if we take the new all-time high of $64,800 into consideration, bitcoin only gained 125%. The gain is insignificant compared with those in the previous bull runs.
Bitcoin dropping from $64,800 to $30,000 level had many investors panic-sell their bargaining chips. Meanwhile, institutional investors hold strong and buy low. Lately, a BTC supply shock is spotted with the numbers of coins changing hands dropping to the lowest since 2015, and most of these coins are owned by short-term investors who prefer swings trading.
On average, about 6.8% of the bitcoin supply has been traded in the past month, while the figure for three-month is 15.8%. Meanwhile, the bitcoin exchange reserve continues to drop, going down 1.2% in the past month. This declining figure indicates that more people choose to hodl their bitcoin and wait for the bull run. At present, only 6.5% of bitcoin is kept in exchange wallets.
With the growing adoption of bitcoin in countries and from big companies, such as AMC Entertainment which will accept Bitcoin (BTC) payments for movie tickets, bitcoin’s long-term outlook is quite positive. In the last three months of 2020, BTC rose from $10,200 to $28,000, an increase of 274%. If history repeats itself, it will hit $100,000 in the last three months of 2021
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Read more: https://zycrypto.com/another-btc-supply-shock-is-brewing-will-it-brace-100000-by-the-end-of-2021/
Text source: ZyCrypto
