Retail investors are cashing out, which has put the price of Bitcoin Faces against significant resistance around the $100,000 mark. On December 11, the most popular cryptocurrency, Bitcoin (BTC), was selling around $98,900, down from its all-time high of around $104,000.
Due to rising demand and falling supply, Crypto experts predict the coin’s price will continue to rise. According to a recent article in the Wall Street Journal, the coin’s availability is a key factor in its rising value.
Bitcoin Supply and ETF Growth
There is a limit of 21 million Bitcoins that may be created. Of this, 19.7 million have been mined, leaving only 1.3 million available. They are also quite unlikely to ever get their hands on the millions of missing coins. Intel Markets tests out an artificial intelligence marketplace as Solana returns to $200 support.
Companies like MicroStrategy and Marathon Digital, who are unwilling to sell, also own substantial amounts of Bitcoin. Approximately 2.24 million Bitcoin are now available on exchanges, down from 2.7 million in January, as the amount has continued to drop. Since the last halving event, the mining difficulty of Bitcoin has increased.
At the same time, the continued influxes into the exchange-traded funds business are proof that Bitcoin demand is on the rise. With $34 billion, inflows have surpassed the crucial mark, surpassing the expectations of most observers. The combined value of these funds’ assets has surpassed $107 billion.
Experts Predict Bitcoin Surge to $275K
Experts in the cryptocurrency market continue to have high hopes for Bitcoin Faces potential price growth. It was predicted in an X post by well-known cryptocurrency analyst Ali Martinez that Bitcoin may reach $275,000 in the future. If my prediction comes to fruition, it will represent a 177% rise from where things are now.
Additionally, other experts are optimistic. By 2025, according to a report from Bitwise experts, Bitcoin might reach $200,000 due to increased investment in exchange-traded funds (ETFs). Additionally, by 2029, they predicted that Bitcoin’s market valuation may exceed gold’s $18 trillion.
Bitcoin Breaks Resistance, Eyes $122K
The price of bitcoin has just staged a robust bullish breakthrough, as seen on the weekly chart. It has just surpassed the key resistance level at $69,210. Which is the top side of the cup and handle pattern.
Since its golden cross in April 2023. The price of bitcoin has maintained a price above the 50-week and 200-week exponential moving averages. The fact that the Average Directional Index is skewed upwards gives it further momentum. Thus, as long as bulls keep their sights set on the $122,258 resistance level, the coin is expected to keep climbing.
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