- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.