- Bitcoin price holds up well over the $67,000 price level.
- Analyst predicts major Bitcoin supply shock as only 2 million BTC remain on exchanges.
- Expectations for Bitcoin cycle top exceeds $250,000. ATH.
Bitcoin price is holding well above the $67,000 price level, this is indeed a very bullish indicator that supports the expectation of a green Q4. Many analysts expect Bitcoin price to shoot to a much higher cycle top this bull run and predictions are varying from $220,000 to $550,000.Â
Bitcoin Heading Towards Massive Supply Shock
The analyst who made these predictions is the silver-tongued crypto analyst, Doctor Profit. So far, a majority of his predictions have played out just as he anticipated, making his bullish BTC cycle top predictions all the more potent. Presently, Doctor Profit reminds the crypto community once again of what’s coming next.Â
As we can see from the post above, Doctor Profit highlights how the market has started to price in as an incoming supply shock approaches for BTC. He marks that only 2 million BTC are present on crypto exchanges and how ETF’s have bought more than 5% out of the entire Bitcoin supply already within seven months alone.Â
Bitcoin Sets Eyes on $250,000 ATH
Adding weight to his words in the latest data on Spot ETFs and BTC miners. As we can see from the post below, Spot Bitcoin ETFs just bought 5,676 BTC yesterday while miners only produced 450 BTC. Indeed, if this pattern is to continue then no doubt, Bitcoin (BTC) is headed into a huge supply shock.Â
These indicators further fuel an incredibly high Bitcoin cycle top target for BTC. One analyst says the 1-week BTC price chart is forming a step-like formation. Once Bitcoin breaks out of Base 4 and hits a new ATH, holders can expect the sharpest rally in wave 5 targeting a new high of $250,000.
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