{"id":32543,"date":"2020-12-25T21:41:28","date_gmt":"2020-12-25T20:41:28","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=32543"},"modified":"2020-12-25T21:41:28","modified_gmt":"2020-12-25T20:41:28","slug":"bitcoin-steady-above-23-5k-but-there-is-a-btc-shortage-says-ceo","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-steady-above-23-5k-but-there-is-a-btc-shortage-says-ceo\/","title":{"rendered":"Bitcoin Steady above $23.5k but There is a BTC Shortage Says CEO"},"content":{"rendered":"

The Bitcoin price is undoubtedly one of the top performers.<\/strong> Quite literally, the most valuable digital asset has been tearing higher, blasting past $20k, and is now stable above $23k. For doubters, the coin has proven a point. Analysts project even more gains in 2021.<\/p>\n

<\/p>\n

Bitcoin Bulls Have a Chance<\/strong><\/h2>\n

Anthony Pompliano is on record saying the Bitcoin price will rally to over $100k by Dec 2021<\/strong>. Coupled by institutions flowing in and the global economy still shaky despite the Coronavirus vaccine, investors are hesitant to pump their funds back to traditional assets like gold.<\/p>\n

Ruffer Investment, for instance, is reducing their gold exposure and consequently allocating three percent of its $25 billion portfolio to Bitcoin.<\/p>\n

Meanwhile, MicroStrategy is doubling down on Bitcoin, earlier this week announcing their purchase of an additional $650 million of Bitcoin pushing their total haul to $1.15 billion.<\/p>\n

There is a Bitcoin Shortage<\/strong><\/h2>\n

The demand for leading digital assets saw Grayscale temporarily suspend the purchase of leading trusts, including GBTC.<\/p>\n

There was no explanation as to why. However, according to their latest report, the total asset under management has expanded to above $16.4 billion, adding $500 million on the last day, according to Barry Silbert–the CEO of Digital Coin Group (DCG), the firm managing Grayscale.<\/p>\n

While Grayscale ramps up, the CEO of Pantera Capital, Dan Morehead, has said there is a growing Bitcoin supply shortage problem.<\/p>\n

He blames institutional buyers like PayPal for buying most Bitcoin that is mined. Overly, in Pantera’s projection, the Bitcoin price is on pace of rallying to $115k. In their assessment, at spot rates, the BTC\/USD price is “nine weeks” behind schedule.<\/p>\n

Bitcoin Price Forecast<\/strong><\/h2>\n

\"Bitcoin<\/p>\n

After over two months of gains, the Bitcoin price is consolidating below $24k. At the time of writing, the BTC price is stable in the last week, posting gains versus ETH but adding two percent on the last day versus the greenback.<\/p>\n

Technically, the path of least resistance is northwards as long as $22k holds.<\/p>\n

Notably, the Dec 16 and 17 bull bars are setting the pace for buyers aiming for $25k in the immediate term. On the other hand, the consolidation could be a distribution especially if prices slide below $22k, confirming losses of Dec 21. While volumes were below average, a dip below this mark could easily spark a sell-off back to $20k in a retest, correcting the over-valuation of Dec 20.<\/p>\n

Conversely, gains above $24k could easily see the BTC price expand to $25k, the 161.8 percent Fibonacci extension level of the October and November trade range. Ideally, the confirmation above $24k ought to be with high trading volumes exceeding those of Dec 17 (Coinbase data).<\/p>\n

Chart Courtesy of Trading View<\/a><\/em><\/strong><\/p>\n

Disclosure<\/em><\/strong>: Opinions Expressed Are Not Investment Advice. Do Your Research.<\/em><\/p>\n

\n

If you found this article interesting, here you can find more Bitcoin news<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price is undoubtedly one of the top performers. Quite literally, the most valuable digital asset has been tearing higher, blasting past $20k, and is now stable above $23k. For doubters, the coin has proven a point. Analysts project even more gains in 2021.<\/p>\n","protected":false},"author":11,"featured_media":27179,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[74,87],"tags":[4610,5002],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/32543"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=32543"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/32543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/27179"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=32543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=32543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=32543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}