Bitcoin

Billion

Trillion

<p>Technical analysis expert Mags (@thescalpingpro) has <a href="https://twitter.com/thescalpingpro/status/1704554190423605585?t=NoAarmgG3ecCrKvJocqgyg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">provided</a> invaluable insights concerning Bitcoin’s potential price trajectory, strongly refuting claims that Bitcoin is heading towards the $12,000 mark.</p> 
<p>Mags highlighted several crucial points to support this perspective, emphasizing the scarcity and the diminishing availability of Bitcoin, thus indicating a potential increase in value. Here’s a summary of the critical elements brought forward by this well-known trader:</p> 
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<h3 class="wp-block-heading" id="1-strong-lost-bitcoins-strong">1. <strong>Lost Bitcoins:</strong></h3> 
<p>Mags underscores that a substantial amount of Bitcoins, approximately 94,693, equating to $2.6 Billion, is considered irrevocably lost. This permanent reduction in availability contributes to the scarcity and, potentially, the value of Bitcoin.</p> 
<h3 class="wp-block-heading" id="2-strong-mining-completion-strong">2. <strong>Mining Completion:</strong></h3> 
<p>According to Mags, around 93% of all Bitcoins have already been mined, leaving a scant quantity available. This scarcity could invariably lead to heightened demand and value.</p> 
<h3 class="wp-block-heading" id="3-strong-institutional-investment-strong">3. <strong>Institutional Investment:</strong></h3> 
<p>Mags unveils rumors suggesting that Blackrock, a global investment giant, is secretly acquiring 12,200 Bitcoins. If substantiated, such institutional investments underscore the growing interest and trust in Bitcoin as a viable asset.</p> 
<h3 class="wp-block-heading" id="4-strong-bitcoin-etfs-strong">4. <strong>Bitcoin ETFs:</strong></h3> 
<p>There have been filings for Bitcoin ETFs by institutions collectively managing assets worth $17.7 Trillion AUM, indicating a pronounced institutional inclination towards incorporating Bitcoin in their portfolios.</p> 
<h3 class="wp-block-heading" id="5-strong-market-cap-comparison-strong">5. <strong>Market Cap Comparison:</strong></h3> 
<p>Mags draws a comparative analysis between Bitcoin and gold, highlighting that Bitcoin’s market cap is only $530 Billion compared to gold’s $13 Trillion. This disparity accentuates the potential growth and ascendancy of Bitcoin’s value.</p> 
<h3 class="wp-block-heading" id="6-strong-bitcoin-supply-on-exchanges-strong">6. <strong>Bitcoin Supply on Exchanges:</strong></h3> 
<p>With only 6.3% of the total Bitcoin supply left on exchanges, Mags signals an inevitable supply shock due to the scarcity of readily available Bitcoins in the market.</p> 
<h3 class="wp-block-heading" id="7-strong-bitcoin-halving-strong">7. <strong>Bitcoin Halving:</strong></h3> 
<p>The well-known trader and analyst also remarks on the forthcoming Bitcoin halving event in 200 days, a phenomenon known to impact supply and potentially increase Bitcoin’s value due to reduced block rewards for miners.</p> 
<h3 class="wp-block-heading" id="8-strong-inevitable-supply-shock-strong">8. <strong>Inevitable Supply Shock:</strong></h3> 
<p>Drawing on the aforementioned points, Mags forewarns of an inevitable Bitcoin supply shock, given the drastic diminution in Bitcoin availability coupled with persistent and burgeoning demand.</p> 
<p>In conclusion, the insights provided by the famous Twitter analyst Mags (@thescalpingpro) posit a compelling argument against the notion that Bitcoin’s value could depreciate to $12,000. The highlighted factors—ranging from scarcity and halving to substantial institutional interest—allude to a future where Bitcoin could potentially witness augmented demand and valuation. The multifaceted analysis offered by Mags serves as an essential guide to understanding the nuanced dynamics influencing Bitcoin’s market trajectory.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/bitcoin-has-bottomed-says-top-analyst-heres-why-btc-wont-hit-12k/">Bitcoin Has Bottomed Says Top Analyst: Here’s Why BTC Won’t Hit $12k</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Bitcoin Has Bottomed Says Top Analyst: Here’s Why BTC Won’t Hit $12k

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