LookIntoBitcoin: BTC’s Future Supply/Demand Shows It Will Over Time Be Rarer than any Platinum Music Album
The price of the main cryptocurrency soared on the Binance platform to $57,000 against the USDT stablecoin. The historical maximum of BTC was recorded at the end of 2021 at $68,700.
Over the past 24 hours, the value of the main digital asset has increased by $7,000. Bitcoin’s capitalization has exceeded $1.1 trillion, according to Coinmarketcap.
Coinglass analysts noted that over the past 24 hours, more than 80 thousand traders had their short BTC positions forcibly closed for a total amount exceeding $186 million. This suggests that those who bet on a fall in the price of Bitcoin did not have enough assets to provide margin positions.
Experts from LookIntoBitcoin believe that the price of “digital gold” is influenced by the expected halving this spring and the difference between the demand for BTC and its availability on the crypto market.
“The future supply/demand relationship of BTC shows that over time it will become more rare than a platinum music album. By 2032, after halving in 2024 and 2030, the BTC scarcity will increase so sharply that the asset will become even more precious than gold,” LookIntoBitcoin believes.
Another positive news for the industry was the announcement earlier this week by MicroStrategy that it had acquired about 3,000 more BTC. She currently owns about $10 billion worth of bitcoins.
Assessing the prospects for the first crypto coin, Fairlead Strategies founder Katie Stockton wrote that market participants “do not expect a major pullback in Bitcoin given its breakout and positive medium-term dynamics.”
Analysts point to gains in many digital assets even as investors have lowered expectations for likely monetary policy easing in 2024. This is evidenced by the rise in US Treasury yields.
“The bullish momentum in the crypto industry continues despite the sharp rise in rates,” said Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors.
Are you also optimistic?
