Bitcoin Price Smashes $65,000: A Rally to $100K Programmed! A Huge Supply Crunch May Propel Prices Higher

The post Bitcoin Price Smashes $65,000: A Rally to $100K Programmed! A Huge Supply Crunch May Propel Prices Higher appeared first on Coinpedia Fintech News

The Bitcoin price hits $65,000! In less than a few hours of achieving the new milestone at $64,300, the token managed to bounce back, squashing the bearish attempt to keep the prices below $64,000. However, the bulls do not appear to be in despair, as they soon jump into action and lift the levels back above the newly formed resistance. Now the path towards the ATH appears to have become extremely clear, but increased price action is yet to start as a massive supply crunch is about to hit the markets. 

The Bitcoin narrative has been evolving at lightning speed, starting at levels around $32,000 after the markets recovered from the ‘SEC drama’. While the majority of them assumed the ETF did not impact the BTC price in the short term, they failed to analyse the long-term impacts, which have been quite visible with the recent price rally. It is a known fact that the spot ETFs have been recording huge volumes, with $7.64 billion worth of BTC being the highest on February 28, 2024. 

Having said that, the exchanges are running out of BTC & ETC along with the apps that offered to buy Bitcoin, a few months ago. As per the data from Glassnode, the balance in all the exchanges has reached the lowest level in history. 

On the other hand, Cash App, one of the popular mobile payment service platforms that offers Bitcoin and other crypto services, is running out of supply. According to some reports, the platform does not have any BTCs to sell, which indicates a major supply shock is about to enter the crypto space. Moreover, once the Bitcoin mining rewards are halved in April, the supply crunch may witness new highs as new issuances of BTC will be halved. 

This may be one of the reasons why memecoins are surging at exceptional rates while the top altcoins consolidate within a narrow range. Besides, the BTC price appears to have entered the halving phase, where a significant rise in prices may be witnessed that may lift the levels beyond $70,000 before the halving. However, the prices are expected to remain elevated regardless of the minor bearish actions that may hinder them at certain resistance levels. 

With this, it would be fair to say that the Bitcoin (BTC) price rally to $100,000 has already been programmed, with bulls aiming to push the levels above it.