I think we're looking at a supply shortage here:
At $10K most of the supply was with miners and retailers (aka hodlers).
Then Paypal sparks institutional interest and we're on the way to $20K.
Many miners and retailers sell on the way to $20K. There's a big fight for $20K, and by the time we hit $25K all the retailers and miners have sold. Miners sell because $20K looks juicy on their income statements, and the hodlers ditch their mantra for the CASH BABY!!
At $30K most bitcoin is in the hands of these new institutions. They aren't selling their brand new positions!
So who's selling bitcoin right now? The answer is... nobody! Regardless of how low the demand may be (and it's probably high), there are no coins to buy.
$50K here we come!!!
At $10K most of the supply was with miners and retailers (aka hodlers).
Then Paypal sparks institutional interest and we're on the way to $20K.
Many miners and retailers sell on the way to $20K. There's a big fight for $20K, and by the time we hit $25K all the retailers and miners have sold. Miners sell because $20K looks juicy on their income statements, and the hodlers ditch their mantra for the CASH BABY!!
At $30K most bitcoin is in the hands of these new institutions. They aren't selling their brand new positions!
So who's selling bitcoin right now? The answer is... nobody! Regardless of how low the demand may be (and it's probably high), there are no coins to buy.
$50K here we come!!!