Big chunk of BTC plucked off Exchanges today
The supply of BTC continues to be soaked up
Why hasn't bitcoin mooned yet? Relax, it will.
While the price has been mostly going sideways over the last several months, there has been a ton of things going on under the surface.
The biggest one being that supply on Exchanges has continued to plummet.
Even though the number of bitcoin increases by roughly 900 per day, the total amount on Exchanges continues to fall each day.
Today alone we saw more than 6k BTC pulled off Exchanges:
(Source: https://twitter.com/WClementeIII/status/1387090575904710656/photo/1)
This is all part of the process of mooning bitcoin.
While the price has been conslidation, the supply has been pulled off exchanges.
Eventually there will be a catalyst that spikes demand and there won't be enough supply to meet this demand.
We've already seen a couple Exchanges have trouble coming with the bitcoin need to fulfill demand.
When that happens the price shoots up until it reaches a point where the hodlers are comfortable taking some profits.
Often that point is roughly 100% higher than where they bought...
That points to $100k being a very interesting sport over the next 3 months.
$100k by end of July is my call.
Hodl on! The absorption processes will run themselves. There is nothing that will crash crypto markets. We have come too far. I'm glad the platform is still here.
Since FED keep printing, this bull run could be much largers than others, without mentioning negative and 0 interest rate . Great post!!
Thanks for the continued encouragements and faith building in the fast approaching mooning of our dear BTCs...
Great information again, as always. Thanks!
Namaste :)
It sure is taking it's sweet time isn't it?