Bullish Bitcoin Signal Flashing: Halving to Reduce BTC Supply
•InvestAnswers, a widely followed crypto strategist, says that Bitcoin’s available supply for trade is declining ahead of a halving event for the first time.
•The halving event will reduce the amount of new BTC issued to miners from 6.25 Bitcoin per block to 3.125 Bitcoin per block.
•Institutional adoption, including BlackRock’s application for a spot Bitcoin ETF, is increasing demand and further crunching supply.
Bullish Bitcoin Signal Flashing
A widely followed crypto strategist says that one Bitcoin (BTC) signal is flashing bullish for the first time in the crypto king’s history. The anonymous host of InvestAnswers tells his 444,000 YouTube subscribers that Bitcoin’s available supply for trade is declining ahead of a halving event for the first time.
What Is Halving?
Bitcoin’s next halving event, which is estimated to take place in April of next year, will reduce the amount of new BTC issued to miners from 6.25 Bitcoin per block to 3.125 Bitcoin per block. According to the trader, this declining supply could be a catalyst for a huge bull run.
Increasing Demand
The trader also thinks further institutional adoption, including BackRock’s application for a spot Bitcoin ETF, is going to increase demand for the asset and further crunch supply. This would mean that there is more demand every single day and less supply making it likely that price goes up due to this imbalance between high demand and low availability of coins on sale leading into an eventual bull run.
Current Price Of BTC
Bitcoin is trading for $30,184 at time of writing, down 1% during the last 24 hours.
Conclusion
In conclusion it appears that there are signs pointing towards an upcoming bull market as well as increased institutional adoptions leading into this period which should increase demand and decrease availability thus driving up prices in response in anticipation of this upcoming event known as “halving”.
