World

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<ul> 
 <li>93% of all Bitcoin has been mined, signaling a supply crunch.</li> 
 <li>BlackRock, the world’s largest asset manager, files for a Bitcoin spot ETF.</li> 
 <li>Mysterious wallet accumulates $3 billion in Bitcoin within three months.</li> 
 <li>Europe launches its first Spot <a href="https://cryptonewsland.com/massive-liquidity-approaching-crypto/" rel="noopener noreferrer nofollow">Bitcoin ETF</a>.</li> 
 <li>Just 6.3% of total Bitcoin supply is left on exchanges.</li> 
 <li>Bitcoin Halving is due in 8 months.</li> 
 <li>A Bitcoin supply shock seems inevitable.</li> 
</ul> 
<p>For those spreading fear that Bitcoin could plummet to the $12,<a href="https://cryptonewsland.com/cathie-wood-remains-confident-bitcoins-potential-to-reach-1000000-by-2030/" rel="noopener noreferrer nofollow">000</a> level, a collection of bullish factors suggests otherwise. With indicators such as limited supply and increasing institutional interest, experts are looking at the next few months as a critical time for Bitcoin, likely setting the stage for a significant bull run.</p> 
<p>Firstly, let’s consider supply. As it stands, 93% of all Bitcoin has already been mined, leaving a meager 7% still up for grabs. This impending scarcity could invariably lead to a supply shock, especially as demand continues to rise.</p> 
<p>Adding to this bullish outlook is BlackRock, the world’s largest asset manager, which recently filed for a Bitcoin spot ETF. This move signifies considerable institutional interest in Bitcoin and adds legitimacy to its value as an asset class.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is not Going to $12k <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Here is why : <br><br>– 93% of all Bitcoin has now been mined.<br>– World's largest asset manager Blackrock files for Bitcoin spot ETF<br>– Mysterious wallet accumulated $3 Billion worth <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> In just 3 months<br>– Europe gets its first Spot Bitcoin ETF <br>– Only… <a href="https://t.co/tR5JjoTASy" rel="noopener noreferrer nofollow">pic.twitter.com/tR5JjoTASy</a></p>— Mags (@thescalpingpro) <a href="https://twitter.com/thescalpingpro/status/1694058998092439603?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 22, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>In a somewhat mysterious turn of events, an unidentified wallet has accumulated a staggering $3 billion in Bitcoin over just three months. While the owner’s intentions remain unclear, such massive accumulation generally signals strong confidence in the asset’s future performance.</p> 
<p>Europe isn’t being left behind either, launching its first Spot Bitcoin ETF. This move allows more traditional investors to gain Bitcoin exposure without the complexities of owning the asset directly, potentially leading to increased demand.</p> 
<p>Moreover, only 6.3% of Bitcoin’s total supply remains on exchanges. Historically, a reduction of Bitcoin on exchanges has often led to a price surge, as it implies less selling pressure and more hodling.</p> 
<p>Finally, with the next Bitcoin Halving just eight months away, a supply shock seems almost inevitable. Halvings have historically led to substantial price increases, with many experts suggesting the next one could propel Bitcoin to unprecedented highs.</p> 
<p>In summary, a confluence of bullish indicators, from limited supply to institutional interest, suggests that Bitcoin is more likely to experience a surge than plummet to $12k. The next two to three months are likely to be crucial for Bitcoin, potentially determining the trajectory for years to come.</p> 
<h4 class="wp-block-heading" id="h-recommended-news">Recommended News :</h4> 
<ul class="wp-block-yoast-seo-related-links"> 
 <li><a href="https://cryptonewsland.com/bitcoin-shortage-92-percent-mined-8-percent-remaining/" rel="noopener noreferrer nofollow">World Short on Bitcoin: 92% Supply Mined, 8% Remaining</a></li> 
 <li><a href="https://cryptonewsland.com/65-of-all-bitcoin-has-not-been-moved-in-over-a-year/" rel="noopener noreferrer nofollow">65% of All Bitcoin Has Not Been Moved In Over a Year</a></li> 
 <li><a href="https://cryptonewsland.com/78-of-bitcoins-circulating-supply-is-now-in-self-custody/" rel="noopener noreferrer nofollow">78% of Bitcoins Circulating Supply is Now in Self-Custody</a></li> 
 <li><a href="https://cryptonewsland.com/new-regulations-bode-well-for-spot-bitcoin-etfs-plea-in-australia/" rel="noopener noreferrer nofollow">New Regulations Bode Well for Spot Bitcoin ETFs Plea in Australia</a></li> 
 <li><a href="https://cryptonewsland.com/sec-acknowledges-valkyries-spot-bitcoin-etf-with-nasdaq-listing/" rel="noopener noreferrer nofollow">SEC Acknowledges Valkyrie’s Spot Bitcoin ETF With Nasdaq Listing</a></li> 
</ul> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/heres-why-bitcoin-is-unlikely-to-hit-12k-anytime-soon/">Here’s Why Bitcoin is Unlikely to Hit $12k Anytime Soon</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Here’s Why Bitcoin is Unlikely to Hit $12k Anytime Soon

Crypto News Land

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