Key Points
- Only 6% of Bitcoin’s total supply remains to be mined, and the U.S. government recently moved 10,000 BTC to Coinbase.
- Bitcoin’s price is expected to rise due to scarcity and increased demand, and its heat map shows potential for higher prices.
After the halving event in April 2024, the supply of Bitcoin decreased, leaving only 6% unmined.
This reduction was noted on a popular social media platform.
Bitcoin’s Future Predictions
By 2030, it is predicted that less than 1% of Bitcoin will be left for mining.
This scarcity is anticipated to drive Bitcoin’s price higher as demand increases.
In addition, the U.S. government transferred 10,000 BTC, equivalent to $540 million, to Coinbase, boosting the already deposited 15,999 BTC ($966.5 million) this year.
The government still holds approximately 203,600 BTC, valued at $11.9 billion.
This activity could potentially influence Bitcoin’s price, possibly driving it higher.
Bitcoin Market Trends
Bitcoin recently found its first support level after a significant market dip.
This dip resulted in a considerable sell-off of long positions, indicating a bearish trend.
However, as the long liquidations eased, Bitcoin’s price began to recover, positioning it for further gains.
Bitcoin’s heat map showed a compression within a tight range of $58K to $61K, indicating a potential breakout and higher prices.
The average weekly Estimated Leverage Ratio (ELR) has dropped by 1.5%, suggesting that market risk is decreasing.
This change indicates that traders are becoming more cautious, signaling that Bitcoin is set to pump.
In mid-2016, Bitcoin’s price surged before halving events but dropped sharply afterward.
However, Bitcoin reversed its course at the end of Q3, leading to a strong upward trend.
This pattern seems to be repeating at present, with Bitcoin expected to rally again when liquidity increases in late Q3 or early Q4 2024.
