Bullish Bitcoin Signal Flashing for the First Time Ever, According to InvestAnswers
A widely followed crypto strategist says that one Bitcoin (BTC) signal is flashing bullish for the first time in the crypto king’s history.
The anonymous host of InvestAnswers tells his 444,000 YouTube subscribers that Bitcoin’s available supply for trade is declining ahead of a halving event for the first time.
The available supply is a percentage of the circulating supply that is not being held by HODLers, or investors with little history of selling the top digital asset.
Bitcoin’s next halving event, which is estimated to take place in April of next year, will reduce the amount of new BTC issued to miners from 6.25 Bitcoin per block to 3.125 Bitcoin per block.
“The point of this chart here as you can see [is] the available hodler supply as a percentage of total supply and marked in black dots are the actual having cycles. This is the first time ever, ever in a halving cycle where the supply is going down before we’re even in it, ladies and gentlemen. And that is exciting as hell.”
According to the trader, the declining supply could be a catalyst for a huge bull run.
“This decline in supply is likely to lead to a massive bull run in the future. I don’t know if it’s this bull run we’re currently in or the next, but it’s coming. That I am certain of.
This is because there is more demand every single day for Bitcoin and the supply is drying up. And that means the price goes up. That means the pace of hardness is increasing.”
He also says that further institutional adoption, including BackRock’s application for a spot Bitcoin ETF, is going to increase demand for the asset and further crunch supply.
“And the institutions are here: BlackRock, Fidelity, Deutsche Bank, Crédit Agricole, Citadel, you name it. They’re all coming and probably hundreds more. And even these few names run AUM (assets under management) of $27 trillion.
And the market cap of Bitcoin is half a trillion (dollars). It’s ridiculous. And only a tiny fraction of that half a trillion (dollars) of market cap is for sale. So you guys can do the math. It is the most beautiful macro and economic experiment I’ve ever seen in my life. And I just get excited every day to look at the data.”
Bitcoin is trading for $30,184 at time of writing, down 1% during the last 24 hours.
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