If theres too much supply of bitcoin available the price is going to drop, due to demand being less and less.
Yeah, it can go up a few $50 but itll retract to its natural state of supply and demand.
You can argue with price all you want, but the fundamentals wont change. Unless something drastic happens, which I dont see happening of a huge new number of users coming out of nowhere to buy it.
Yeah, it can go up a few $50 but itll retract to its natural state of supply and demand.
You can argue with price all you want, but the fundamentals wont change. Unless something drastic happens, which I dont see happening of a huge new number of users coming out of nowhere to buy it.
The demand is rising about 4x year over year, I can feel it on localbitcoins, which is the most accurate measure of the true volume (You never know how much bots are trading on those large exchanges)
And supply is drying up quickly after many people can't even mine the coin to cover electricity cost, they shut down the rigs and start to buy coins. Now new coins are concentrated to those large mining farms with high efficiency rigs and low electricity cost, they have dominated the production and limit the coin supply on market like OPEC
Is it possible there is just less supply AND demand? Honestly with price still looking weak as ever, I think both supply and demand are dwindling. Yes there are some aquiring large amounts of btc, but mostly small holders are becoming less and less as they get scammed, cash out, lose interest, etc
