fxs_header_sponsor_anchor

Bitcoin price ready for breakout with 19 million BTC mined, fueling supply crisis

  • Bitcoin price is on track to breakout as 90% of BTC supply has been mined. 
  • The nineteen millionth Bitcoin has now been mined, hitting a key milestone and fueling a supply crisis in BTC. 
  • Two million Bitcoins are left to mined on a fixed issuance schedule, alongside rising outflow of BTC across exchanges. 

Bitcoin price could continue to rise according to FXStreet analysts. With 19 million BTC mined, less than 2 million remain to be unearthed and into the circulating supply. 

Bitcoin price could breakout with brewing supply crisis

Proponents believe Bitcoin derives its value from its limited supply. Interestingly, now that the nineteen millionth Bitcoin has been mined, the asset’s supply is much shorter than before. 

The last two million BTC will be mined on a fixed issuance through the supply schedule and mining activities. This has fueled a bullish narrative among investors. Alongside the supply shortage, the amount of Bitcoin  leaving exchanges has seen a massive spike in leaving exchanges. 

Crypto intelligence platform Glassnode revealed that 96,200 Bitcoins are leaving exchanges every month. The outflow volume continues to rise, and aggregate outflows of this magnitude have only been observed on a handful of occasions in the asset’s history. 

The March 2020 liquidity crisis was followed by similar outflows of BTC  from cryptocurrency exchanges on a massive scale. The supply of the asset is more limited than ever, and this milestone demonstrates how Bitcoin’s scarcity has fueled a rally in the asset. 

Scarcity has remained central to Bitcoin’s value proposition and fueled a bullish outlook among institutional investors and traders worldwide. 

In his latest newsletter, Willy Woo, a renowned on-chain analyst, revealed that Bitcoin spot buying is at historic highs, seen in previous bull markets. Bitcoin holders have been adding a significant amount of BTC to their holdings. The influx of demand has fueled bullishness among investors. 

FXStreet analysts believe Bitcoin’s recent pullback was healthy for the asset’s uptrend. Bitcoin price has hit a new 2022 high and a new milestone. Analysts argue there is a hidden bullish divergence in the Bitcoin price chart and believe the asset is on track for a breakout. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.