Bitcoin

Is Bitcoin Heading Towards A Major Crisis For The Years To Come?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Dec 13, 2021

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Highlights

    Multiple indicators suggest bottoming signals, hinting at persistent longer accumulations.

    Bitcoin conquers a new milestone with 90% of its total supply being mined.

The kingpin continues to remain restless from the burdening market trend. As the price of the star crypto Bitcoin trades in a narrow bandwidth. Crypto savvy’s have been eagerly waiting to hop on the bull for a trek higher through the mountain passes.

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Bitcoin conquers a new milestone with 90% of the total supply being mined. Meanwhile, proponents from the industry enlighten on multiple indicators exhibiting signals of bottoming. In the midst of a prolonged series of accumulations. Which has made way for merchants bagging the dip.

The Signs From The Guardian Angel?

Multiple indicators have been suggesting signals of bottoming in space. The proponent from the crypto industry believes traders will still have some longer accumulations happening with Bitcoin. He further cites that the asset has hit the bottom, as multiple indicators portray bottoming signals.

There has been a buzz in the space of margin traders reducing their longs since the crash. While the options market has been indicating fear prevailing amongst the merchants. Likewise, the fear and greed index is currently at fear, with a degree of 28. Which has risen from extreme fear of the previous week.

Also Read : Bitcoin(BTC) Price Can Flip The Trend Only If It Breaks These Levels!

The Bitcoin Crisis?

Bitcoin has conquered a major milestone, with 90% of the total supply being mined. Howbeit, the entire supply will not be mined until February of 2140. Reportedly 18.9 million Bitcoins of the available 21 million have been mined, and are available on the open market. 

The remaining supply is expected to be mined based on the halving schedules of the network, and the activity of the network. Of the 18.9 million mined Bitcoins, about a million Bitcoins are under the possession of the creator(s) Satoshi Nakamoto. 

According to Glassnode alerts, the amount of BTC hodled or lost coins has reached an 11-month high of 7,230,248.293 BTC. The number of exchange withdrawals (7d MA) hit a 22-month low of 1,234.196. 

Collectively, the supply crisis could bring fortunes to the price projections of Bitcoin. The crisis in supply would last for about 118 years from now. The implications of which would bring immense impetus to the price action, Hopefully, the parabolic price run could come into play by 2022.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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