As the bitcoin-bull-market-glassnode/” rel=”nofollow”>bitcoin Halving As it approaches, there is a lot of optimism about what could happen to the price of bitcoin after this event. This optimism is further accentuated by a recent event that shows how bitcoin-ablaze-data-reveals-robust-demand-for-etfs/” rel=”nofollow”>bitcoin demand far exceeds its offer, which could mean the bitcoin-will-hit-100k-this-june-kiyosaki/” rel=”nofollow”>flagship crypto token up to $237,000.
bitcoin demand significantly exceeds its demand
Cryptoanalyst Willy Woo mentioned in an X (formerly Twitter) mail The bitcoin network receives an average of $607 million in demand from new investors daily. On the other hand, this demand is said to be met by a supply of only $46 million per day in terms of mined bitcoin. This evolution is more significant if we take into account that bitcoin-halving-could-provide-a-big-boost-to-these-altcoins-growth/” rel=”nofollow”>Reduce by half is approaching quickly.
This is when bitcoin-miners/” rel=”nofollow”>bitcoin miners the rewards are bitcoin-supply-shock-57-of-btc-hasnt-moved-2-years/” rel=”nofollow”>Cut in half, acting as a deflationary measure and reducing the speed at which more btc enters circulation. This also offers a bullish narrative, as the already insufficient supply will decrease further after the halving event. Once that happens, bitcoin is expected to become more valuable, with further price increases imminent.
Industry expert Anthony Pompliano bitcoin-at-a-faster-rate/” rel=”nofollow”>also highlighted This phenomenon occurred when he noticed how institutional investors were devouring btc almost 13 times faster than its production rate. He added that the flagship crypto token will surely experience a new all-time high (ATH) if this trend continues.
This institutional demand for btc is primarily driven by bitcoin Spot ETFs, which were bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>approved in January. Due to the impressive demand for these funds, fund issuers like BlackRock have continued to accumulate a significant portion of the btc supply on a daily basis. Interestingly, these bitcoin ETFs were reported to hold 3.3% of bitcoin's circulating supply at the beginning of the month.
bitcoin's path to $237,000
In response to Willy Woo's post, crypto analyst MacronautBTC made a “conservative” estimate of how bitcoin's price could rise to $237,000. Using a multiplier of 3x the dollar currently flowing into the bitcoin-ordinals-craze-throws-up-challenges-and-opportunities-for-the-network/” rel=”nofollow”>bitcoin ecosystemThe analyst mentioned that bitcoin could see an additional market capitalization of 4.38 trillion.
Then he added the 4.38 billion to bitcoin-hits-51k-dogecoin-faces-a-strong-challenger/” rel=”nofollow”>The current market capitalization of bitcoin of 1 billion, which adds up to a market capitalization of 5.38 billion. This potentially puts the price of bitcoin at $273,000 (a year from now, according to MacronautBTC calculation).
The analyst also highlighted how this price level matches predictions made by notable bitcoin bulls. One of them is Tim Draper, who recently declared that btc will reach $250,000 in 2025.
At the time of writing, bitcoin is trading at around $50,900, down almost 2% in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/I6aBd6wY/" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc price sits above $51,200 | Source: BTCUSD on Tradingview.com
Featured image from CNBC, chart from Tradingview.com
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