- Bitcoin price is set to skyrocket in the near future, claims an analyst on X.
- The analyst pointed out that the supply of BTC on exchanges has crashed.
- Glassnode pointed out that an average long-term holder is sitting at a profit of 228%.
Bitcoin price will skyrocket in the near future, claims a prominent trader in the digital asset sector while highlighting the fact that the amount of BTC currently present on crypto exchanges is dropping rapidly.
In a post on social media platform X (formerly Twitter), analyst “Ivan Tokenomija” pointed out that, as per a chart from blockchain analysis platform Santiment, the supply of BTC currently on exchanges has crashed significantly and claimed that “Bitcoin price will skyrocket.”
It is important to note that, considering the principle of supply and demand, if the available supply of BTC on exchanges decreases, and demand remains constant or increases, the prices will surge.
Considering the record inflow of money into Bitcoin exchange-traded funds (ETFs) and the upcoming BTC halving in April, the demand for BTC might remain high.
On the other hand, a reduction in the amount of BTC on exchanges might be…
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