A widely followed analyst believes Bitcoin (BTC) will remain on a bullish trend despite the daily fluctuations in price.
The analyst pseudonymously known as Pentoshi tells his 867,400 followers on the social media platform X that on the higher time frames, the Bitcoin trend is up and the day-to-day fluctuations in price are just “noise.”
According to Pentoshi, the demand for Bitcoin is currently outstripping the new supply of Bitcoin and more demand is likely to come in amid potential currency debasement.
“There is factually more BTC being bought on any given day than is being mined. Until that trend changes, try to just relax a bit and enjoy the ride.
It increasingly looks like more debasing will occur. And BTC is a hedge against debasement.”
Pentoshi, however, warns that there’s danger lurking for Bitcoin from the corporations accumulating the crypto king in their balance sheets. The widely followed analyst says some of these companies will “hurt” Bitcoin in a couple of years when they will be potentially forced to liquidate their BTC holdings to pay the debt they will have incurred for purposes of accumulating the flagship digital asset.
“I think many will end up being forced sellers eventually. When some of the notes come due.”
Bitcoin is trading at $107,875 at time of writing.
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The post Crypto Analyst Bullish on Bitcoin, Says Demand Outstripping New BTC Supply – But There’s a Catch appeared first on The Daily Hodl.
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