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Bitcoin (BTC) Price: Could Hit $116K as Perfect Storm Brews
The current market trends and dynamics indicate a potential surge in the price of Bitcoin (BTC), which could reach an unprecedented level of $116,000. According to Trader Edge’s analysis, exchange-held Bitcoin supply has plummeted to 14% of total circulating supply, mirroring a similar pattern observed in 2017. This drop marks the lowest level since then, and the implications for the market are profound.
The data reveals that institutional demand is surging through ETFs, with $9.91 billion in inflows since May 1st. This influx of new capital has caused exchange balances to decline by 98 consecutive days, an unprecedented streak since 2020. The shift from derivatives-driven price movements to spot-based demand could provide a more sustainable source of momentum.
The report highlights the significance of this development, stating that “Bitcoin’s supply dynamics are shifting in ways that could signal a major price move ahead.” It is crucial to note that Bitcoin has recently bounced back after liquidation events near $104,984, with the bulls triggering $40 million in short liquidations and sending the price back up towards $107,000.
Source: coincentral.com
