A prominent cryptocurrency analyst known as Ted recently predicted a significant shift in the Bitcoin (BTC) market. He predicts “the biggest of the supply shocks” after Bitcoin's miner rewards halve in about two months.
Ted expressed his bullish view on Bitcoin in a post on X. The analyst believes that BTC prices will rise after the Bitcoin halving event in April 2024. This event, set at the protocol level and occurring roughly every four years (or after block 240,000), will significantly reduce the number of coins entering the market.
“Currently around 900 BTC is mined per day, and with the halving this drops to 450 BTC,” Ted explained and added:
“If the current rate of inflow into spot ETFs continues, we could see the amount of Bitcoin purchased daily exceed newly mined supply by a factor of ten. The biggest supply shock of all is coming.”
Specifically, Ted predicts that if the daily inflow of 5,800 BTC into existing spot ETFs continues, it could easily exceed the number of newly issued coins after the halving. This could create what the analyst describes as “the supply shock of all supply shocks,” a situation where demand far outweighs available supply, potentially driving the price up.
*This is not investment advice.