Technical analysis expert Mags (@thescalpingpro) has provided invaluable insights concerning Bitcoin’s potential price trajectory, strongly refuting claims that Bitcoin is heading towards the $12,000 mark.
Mags highlighted several crucial points to support this perspective, emphasizing the scarcity and the diminishing availability of Bitcoin, thus indicating a potential increase in value. Here’s a summary of the critical elements brought forward by this well-known trader:
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1. Lost Bitcoins:
Mags underscores that a substantial amount of Bitcoins, approximately 94,693, equating to $2.6 Billion, is considered irrevocably lost. This permanent reduction in availability contributes to the scarcity and, potentially, the value of Bitcoin.
2. Mining Completion:
According to Mags, around 93% of all Bitcoins have already been mined, leaving a scant quantity available. This scarcity could invariably lead to heightened demand and value.
3. Institutional Investment:
Mags unveils rumors suggesting that Blackrock, a global investment giant, is secretly acquiring 12,200 Bitcoins. If substantiated, such institutional investments underscore the growing interest and trust in Bitcoin as a viable asset.
4. Bitcoin ETFs:
There have been filings for Bitcoin ETFs by institutions collectively managing assets worth $17.7 Trillion AUM, indicating a pronounced institutional inclination towards incorporating Bitcoin in their portfolios.
5. Market Cap Comparison:
Mags draws a comparative analysis between Bitcoin and gold, highlighting that Bitcoin’s market cap is only $530 Billion compared to gold’s $13 Trillion. This disparity accentuates the potential growth and ascendancy of Bitcoin’s value.
6. Bitcoin Supply on Exchanges:
With only 6.3% of the total Bitcoin supply left on exchanges, Mags signals an inevitable supply shock due to the scarcity of readily available Bitcoins in the market.
7. Bitcoin Halving:
The well-known trader and analyst also remarks on the forthcoming Bitcoin halving event in 200 days, a phenomenon known to impact supply and potentially increase Bitcoin’s value due to reduced block rewards for miners.
8. Inevitable Supply Shock:
Drawing on the aforementioned points, Mags forewarns of an inevitable Bitcoin supply shock, given the drastic diminution in Bitcoin availability coupled with persistent and burgeoning demand.
In conclusion, the insights provided by the famous Twitter analyst Mags (@thescalpingpro) posit a compelling argument against the notion that Bitcoin’s value could depreciate to $12,000. The highlighted factors—ranging from scarcity and halving to substantial institutional interest—allude to a future where Bitcoin could potentially witness augmented demand and valuation. The multifaceted analysis offered by Mags serves as an essential guide to understanding the nuanced dynamics influencing Bitcoin’s market trajectory.
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