news 
Bitcoin’s price has been making headlines recently due to its unpredictable nature and market fluctuations. This time, however, the cryptocurrency is in for a potential surge as it could reach $116,000 by the end of July according to Trader Edge X. The prediction comes after several key metrics have turned in Bitcoin’s favor.
To begin with, exchange-held Bitcoin has dropped to 14% of the total supply, which marks the lowest level since 2017. This trend is not new and has been consistent for nearly a year now. It would seem that institutional demand through ETFs is driving growth, while exchanges hold only an insignificant amount of the cryptocurrency.
Institutional investment into Bitcoin has been on the rise lately due to a surge in inflows of $9.91 billion since May 1st, with many analysts attributing this sudden spike to macroeconomic concerns rather than short-term momentum. This trend is believed to be sustained by the ongoing uncertainty surrounding the Federal Reserve’s monetary policy and President Trump’s relentless criticism of Jerome Powell.
As a result, analysts are saying that these external factors could create a perfect storm that would cause Bitcoin’s price to rise sharply. The article highlights this prediction by emphasizing the shift from derivatives-driven moves to spot-based demand. According to traders, the rise in spot volume while exchange-held supply remains at multi-year lows is setting up the stage for a high-momentum breakout.
Some traders are also observing that the current data suggests Bitcoin has increased by 0.69% over the past seven days, with the supply squeeze dynamics continuing to gain momentum.
Source: coincentral.com
