9 Reasons You Should Not Be Bearish on Bitcoin (BTC) Right Now

Bitcoin (BTC) has long been the undisputed king, leading the charge and setting the tone for the entire market. However, as with any investment, there are always those who harbor bearish sentiments, questioning the asset’s potential for growth.

Mags (@thescalpingpro), a seasoned trader has taken a stand against the bearish narrative surrounding Bitcoin, presenting a compelling case for why investors should remain bullish on the world’s largest cryptocurrency.

The Bullish Case for Bitcoin

Bitcoin Supply on Exchange at All-Time Low
One of the key reasons cited by Mags for maintaining a bullish stance on Bitcoin is the fact that the Bitcoin supply on exchanges is at an all-time low. This scarcity of available supply on trading platforms indicates a strong demand for the asset among investors.

93.5% of Bitcoin Supply Has Been Mined
Mags also highlights that a staggering 93.5% of the total Bitcoin supply has already been mined, further contributing to the asset’s scarcity and potential value appreciation.

World’s Largest Asset Manager Holds $7B in Bitcoin
Institutional adoption is another key factor driving Mags’ bullish outlook. The world’s largest asset manager holds a significant $7 billion worth of Bitcoin, signaling confidence in the cryptocurrency’s potential from major financial players.

Around 20% of Bitcoins Mined Are Permanently Lost
Adding to the scarcity narrative, Mags points out that approximately 20% of all bitcoins mined are permanently lost, reducing the circulating supply and potentially driving up demand and value.

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BTC Market Cap Only 1/3 of Microsoft’s
Despite Bitcoin’s dominance in the cryptocurrency space, Mags highlights that its market capitalization is only one-third of Microsoft’s, the world’s largest company by market cap, suggesting ample room for growth and appreciation.

Bitcoin Flipped 0.618 Before Halving
Mags notes that Bitcoin has flipped the 0.618 Fibonacci level for the first time before the halving, a technical indicator that often signals a bullish trend.

Bitcoin Halving Is Only 60 Days Away
The impending Bitcoin halving, scheduled to occur in just 60 days, is another crucial factor contributing to Mags’ bullish outlook. This event, which cuts the reward for mining new Bitcoin blocks in half, effectively reduces the supply of new coins entering the market.

Bitcoin Supply Shock Inevitable
With the halving on the horizon, Mags anticipates an inevitable supply shock, further driving up the scarcity and value of Bitcoin.

Bitcoin Global Adoption Imminent
Finally, Mags suggests that global adoption of Bitcoin is imminent, further fueling the bullish narrative surrounding the cryptocurrency.

In a market often driven by sentiment, Mags (@thescalpingpro) has presented a compelling case for why investors should not be bearish on Bitcoin. By addressing factors such as scarcity, institutional adoption, market potential, the impending halving, and the prospect of global adoption, Mags has provided a well-rounded perspective on the bullish forces driving Bitcoin’s trajectory. As the cryptocurrency landscape continues to evolve, investors would be wise to consider Mags’ insights and remain open to the possibility of Bitcoin’s continued ascent.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

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