The main backbone of the uptrend in Bitcoin is the limited supply. As the demand is high, “this limitation” allows us to watch a constantly rising Bitcoin chart over the years.
Today, with the effect of global markets, the demand for Bitcoin is increasing day by day, although Bitcoin, which has experienced a 10% retracement, has shed blood on the market.
We can understand this most clearly from the change of Bitcoin reserves in the stock markets.
Investors who are not affected by short-term movements and believe in the future of Bitcoin continue to accumulate Bitcoin regardless of fluctuations.
Veteran and popular analyst Lark Davis pointed out that in the midst of the big drop, investors should focus on this area.
Stating that Bitcoin reserves in the stock markets have made a new low and continue to decrease, the analyst said, “This number will continue to decrease, where will it be in 5 years? 7 digit Bitcoin price is programmed. The only question is when that will happen.” He reminded that it is necessary to look at Bitcoin in the long term and not to be affected by the noise in the short term.
new low for #bitcoins balances on exchanges.
This number will just keep going down.
Where will it be in 5 years?
7 digit BTC is programmed in, just a question of when. pic.twitter.com/iYFMWNktbb
— Lark Davis (@TheCryptoLark) November 26, 2021
*Not Investment Advice.