Bitcoin price is currently moving just under $60K and a rally away from testing the previous ATH of $61,636. There has been a lot of bitcoin discussion potentially reaching its top in March mainly due to the declining market dominance of the top cryptocurrency that fell below 60% for the first time since the start of this bull season. However, on-chain metrics including exchange outflow of BTC, institutional outflow, and more importantly the realized prize of BTC shows a strong bull case.
A popular crypto analyst who goes by the name of William Clemente III pointed towards strong consolidation and price discovery between $55k – $60k. The price point is strongest since $11K last year. If bitcoin manages to get past this phase the next target could be $72K.
Another factor making a strong bull case is that miners and long-term Hodlers have stopped selling their Bitcoin and have started accumulating which is mostly in anticipation of more bullish momentum.
The total circulation supply of BTC is around 18.67 million, and only 2.4 million are left for people to buy and accumulate. The supply of BTC has seen a continuous decline with surging prices. Given the institutions have just begun buying and with tremendous speed, there will be even fewer BTC available for others to buy.
This bull season has seen some of the biggest critiques and financial giants including JP Morgan, Morgan Stanley, Goldman Sachs, Paypal, and VISA have all rushed to add Bitcoin or Bitcoin-based investment products to their portfolio.
Bitcoin closed its 26th day above $50K yesterday which is higher than the whole bull run of 2017 which lasted less than a month as well.
The likes of MicroStrategy and Tesla are using Bitcoin as a treasury reserve asset while many gold bugs even believe BTC is the new store of value. Many Wall Street insiders believe more institutions would rush to add Bitcoin once they realize like others that Bitcoin would become more costly to buy.
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