As the Bitcoin Halving draws nearer, there is so much optimism about what could happen to Bitcoin’s price in the aftermath of this event. This optimism is further heightened by a recent development showing how Bitcoin’s demand far outpaces its supply, which could see the flagship crypto token rise to as high as $237,000.
Bitcoin Demand Significantly Outpacing Its Demand
Crypto analyst Willy Woo mentioned in an X (formerly Twitter) post that the Bitcoin network receives an average of $607 million of new investor demand daily. On the other hand, this demand is said to be met by a supply of just $46 million daily in terms of Bitcoin mined. This development is more significant considering that the Halving is fast approaching.
This is when Bitcoin Miners’ rewards are cut in half, acting as a deflationary measure and reducing the rate at which more BTC comes into circulation. This also offers a bullish narrative, as the already insufficient supply will decline further
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