Bitcoin to Continue Surging as Supply Nears Depletion

In the upcoming period, predictions from a renowned expert in the digital asset space indicate a strong upward momentum for the price of Bitcoin. Emphasizing the rapid decrease in the supply of BTC across cryptocurrency exchanges, the expert highlights the significant reduction in availability.

On the social media platform X (formerly Twitter), an analyst named “Ivan Tokenomija” presented information gleaned from Santiment, a blockchain analysis platform. He points out a noteworthy decline in the BTC supply on exchanges and confidently declares, “The price of Bitcoin will surge.”

An essential point to note is that if the supply of BTC on exchanges decreases while demand either remains steady or increases, according to the principles of supply and demand, the price is likely to rise.

Everyday less and less #BTC on exchanges!!! Supply is crashing, Bitcoin price will skyrocket!!! #santiment pic.twitter.com/nDf60KxI04

— Ivan Tokenomija (@tokenomija) March 9, 2024

With a record influx of funds into Bitcoin exchange-traded funds (ETFs) and the anticipated Bitcoin halving event in April, the demand for BTC may continue to stay high. Conversely, the reduction in BTC quantity on exchanges may be interpreted as a signal that many owners are transferring their assets to secure wallets for long-term holding or implementing a “HODLing” strategy.

According to Glassnode, a blockchain analysis platform, long-term holders are increasing their participation in the digital asset market, nearing record levels. Glassnode’s assessment indicates that this group is exerting distribution pressure, with spending reaching 257,000 BTC per month, of which GBTC accounts for 57% of this proportion.

Related: BTC Approaches $70K, Bitcoin Network Fees Double

Glassnode confirms that on average, long-term holders are currently enjoying a substantial average profit of around 228%. However, they remain motivated to continue spending and seeking further profits.

Renowned investor and author Robert Kiyosaki recently recommended that his followers invest in Bitcoin, even with a small amount. He also drew attention to the next target for the leading cryptocurrency, which is $300,000.