BTC is Finite in Volume - 21,000,000. BTC has transitioned from a little known FAD, scam, criminal entity with no value to one of a globally recognised and trusted P2P currency with with huge potential for storage of value (Digital Gold). Everything is going Digital and that includes all currencies.
This chart speaks volumes from a technical analysis point of view with the following indicators being highlighted:
1 - "The Trend is your Friend" - Light Blue ATH & ATL Trend Lines. 2 - Four Year Cycle between Peaks. Light Grey Sine Wave. 3 - Trend Crossing Channels (Trends). Lime Green Lines with angle of ascent in Blue.
The ATH & ATL Trend Lines are important as to break through one indicates serious change. Whilst this may seem obvious it is important to note that the longer a trend line the greater its strength. For BTC to go below the ATL Trend Line would require a very serious (Global?) event to occur.
On a long term basis, successful quoted instruments will often traverse from the ATL Trend Line to the ATH Trend Line in rapid steps followed by a lengthy period of horizontal steps until it reaches the next ATL Trend Line point. (There are obviously fluctuations during this period).
BTC IMO is starting it's 3rd Cycle (Transition) from the ATL Trend Line to the ATH Trend Line. If correct we will see 40K by Christmas this year (23) and 220k by 9th September 2024.
And if the above TA isn't enough just look at where we are outside of TA? We're talking Inflation, Wars, Spot ETFs and so on.
40k by Xmas 220k by Sep 2024 - Love to All and Peace on Earth.
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PS - When first viewing chart, make sure you've set the scales to Auto and Log. Having set scales to Auto and Log, turn Auto Off and then slide full chart into view.
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So good to see we are bang on track with the Xmas target already breached! 😉 And since publication we have: 1 - Additional US Spot ETF interest and discussions between SEC and most applicants making re-submissions/amendments - All positive stuff.
2 - El Salvador BTC position now in profit despite hundreds mocking their strategy AND they've now got regulatory approval for BTC Bonds to be launched to raise $1 Billion to invest in a 100% renewable energy BTC Mining operation - Go El Salvador! 😊 (@nayibbukele, @bitcoinofficesv)
3 - Further evidence of a forthcoming global recession (wars, weakening dollar, china's massive housing collapse and more) promoting wealth to be re-allocated into safer havens. Traditionally this has been precious metals Gold & Silver (@theRealKiyosaki) and instruments such as Government Bonds. BTC is now recognised as a longer term safe store of value (Digital Gold) and err did I mention El Salvador's BTC Bonds strategy? 😁
It's already started but in the coming months BTC supply is going to become very short, very short indeed...
Total Supply of BTC = 21,000,000 Estimated BTC permanently out of circulation: 4,000,000 Therefore Total Possible BTC 17,000,000 -------------------------------------
Mined To-Date = 19,525,000 Left to mine = 1,475,000 BTC Mined / Day = 900 -------------------------------------
Ok... Now consider: On an average trading day between 10k to 15k BTC will change hands and yet in a short time (ETFs, Wars, Economy, Safe Haven BTC etc.) there is going to be a considerable increase in demand. Unless I am mistaken this will result in a severe lack of supply.
I wonder what the consequences will be? 😉
Bocchi_Yes_anime_pfp
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probably itll hit 40k before xmas
mikroland
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an array of ETF approvals plus halvening plus new bulk market could very well produce this outcome.
day0
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very nice
Elbruks
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Your analysis is fire! Keep the good stuff coming!
Hellstorm2
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This is the most powerful event in financial history. The power of digital currency and the foolishness of the world governments. The horse has left the barn. It is amazing how the biggest critics of crypto are the real criminals. Don't listen to a word they say. They are all in and hoping you sell. Trade some and hold some but never give in to their double speak.
Let's look at some numbers (at time of writing):
Total Supply of BTC = 21,000,000
Estimated BTC permanently out of circulation: 4,000,000
Therefore Total Possible BTC 17,000,000
-------------------------------------
Mined To-Date = 19,525,000
Left to mine = 1,475,000
BTC Mined / Day = 900
-------------------------------------
Ok... Now consider:
On an average trading day between 10k to 15k BTC will change hands and yet in a short time (ETFs, Wars, Economy, Safe Haven BTC etc.) there is going to be a considerable increase in demand.
Unless I am mistaken this will result in a severe lack of supply.
I wonder what the consequences will be? 😉