Hello!

One of my favorite Bticoin onchain analysts, Willy Woo tweeted a chart with the Bitcoin inventory on Exchanges and also the Paper spot BTC.

You can see the image below:

https://twitter.com/woonomic/status/1800352408570413442

2.3 Million Bitcoin on exchanges

At this point there is only 2.3M of Bitcoin to buy. Of course people will deposit Bitcoin as the price surges to sell and take some profits but We've been in a down trend since 2020.

In the chart there is a small increase in the paper BTC while the real spot BTC is still going down. I don't know if it is good or bad, what I know for sure is that the less Bitcoin on exchanges the easier would be to jump to 100k.

Fear of missing out (FOMO) will start to kick in as the price moves upwards. That's why it's the scarcest money, you can't create more of the 21 million!

Today I listened to an interview from the CEO of Binance. He says that he had a target of $80k for Bitcoin by the end of 2024 but with the inception and approval of the Bitcoin ETFs he raised his target. We was not happy to share what is the target but we know that it's higher than $80k.

I know that if the CEO of the biggest exchange is not bullish people will panic but, I don't think he's wrong. There is still plenty of time to get there. I think that we will have a big bull market and that all the hodlers will get the rewards. That's why I'm still here, consistently writing.

I hope you had a great day!

Posted Using InLeo Alpha