Rapidly depleting BTC stock triggers market turbulence prediction
Bitcoin Crunchdown 2024: Getting Squeezed and How It’s Shaking Things Up
Let's dive into the meaty details of the major Bitcoin supply crunch happening in the crypto wilderness of 2024! The incessant demand for BTC is sending shockwaves, stripping the asset supply on exchanges and OTC desks like a wildfire. Buckle up, because the ride might just propel BTC even higher!
Sayonara, Bitcoin? Not Yet!
Since the onset of 2024, Bitcoin reserves on exchanges have plummeted by an astounding 20-30%, plummeting from a whopping 3.2 million Bitcoins to a leaner 2.5 million. That's like watching a pendulum swing, but instead of time, it's the flow of Bitcoins! Guess where all those coins went? Our friends at CryptoQuant can fill you in on the intricate dance between supply and demand.
Over-The-Counter (OTC) desks, the favorite stomping ground for institutions, has also witnessed a steep fall in BTC balance, shedding over 76K Bitcoins (a dramatic 36% drop) from its original 211K BTC.
Ever wondered why this steady supply drop could be the bull's lucky charm? With big-time clients and retailers jumping aboard the Bitcoin bandwagon due to mind-blowing FOMO and growing corporate treasury demand, the supply might be Simply. Not. Enough!
Don’t Be Fooled by Static Numbers, Grasshopper!
Now, don’t mistake these figures as immovable objects. Pardon the pun, but liquidity is like water – it flows, right? The exchange balance and OTC reserve could enjoy inflows backed by sellers in the future, breathing fresh life into BTC.
But let’s not rain on our Bitcoin parade just yet. Given the escalating global liquidity, it’s like the perfect brew to create a bull market with a booming Bitcoin!” exclaims Real Vision's Chief Crypto Analyst, Jamie Coutts. According to Coutts, a higher global liquidity index (GLI) can drive a 20% surge in BTC’s price!
Time to Cast Your Votes!
Polymarket’s hall-of-fame Bitcoin betters see the $120K level as the riskiest bet, clocking an impressive 76% chance. But that’s not all – the $130K price tag clinches a 56% chance, and $150K doesn’t look out of the question with a 36% chance!
So, the Bitcoin supply crunch may be shrinking the coin supply, but somehow, the price keeps rising higher than One Direction tickets on sale day! Buckle up for the exchanging rollercoaster ride!
- Despite a remarkable decrease in Bitcoin reserves on exchanges, potentially due to increased demand from institutional and retail investors, the Bitcoin bandwagon continues to attract more passengers.
- CryptoQuant provides insights into the intricate dance between Bitcoin's supply and demand, as a significant portion of Bitcoin has moved away from exchanges and OTC desks.
- The ongoing supply drop could fuel the bull market, as the escalating global liquidity has the potential to drive a 20% surge in Bitcoin's price, according to Real Vision's Chief Crypto Analyst, Jamie Coutts.
- Bitcoin betting platforms like Polymarket suggest that the $120K, $130K, and even $150K price levels are not out of reach, with respective chances of 76%, 56%, and 36%. Therefore, the Bitcoin supply crunch may be reducing the coin supply, but the price continues to climb higher.
