More analysts are getting bullish over Bitcoin these days, following the May halving.
At the moment of writing this article, BTC is trading in the red, and the coin is priced at $9,560.07.
New Bitcoin bull run around the corner
Crypto analyst and veteran trader Tone Vays said that there’s a fundamental shift going on that could trigger a new Bitcoin bull run.
During the latest episode of Trading Bitcoin, he said that there are revelations that demand for BTC is outpacing the amount of new BTC created – this could become a significant catalyst for the king coin.
Grayscale, the institutional crypto asset manager fuse the buying frenzy – it’s been revealed that big investors are buying GBTC, which is fully backed by real BTC, at record rates.
“That is a very, very bullish fundamental scenario. I wouldn’t call that a news event. It’s a borderline news event and a fundamental event,” Vays said.
He explained that “Now that everyone knows it, the FOMO can help drive Bitcoin higher. But knowing that GBTC is buying up the majority of the Bitcoin is basically telling everyone there’s not enough supply of Bitcoin.”
A high demand for Bitcoin following the halving
Vays also talked about the fact that there’s a high demand for Bitcoin following the halving. This shows that the stock-to-flow model could turn out to be accurate.
As you probably know by now, this model was pioneered by the anonymous analyst PlanB and it shows that BTC will hit $288k by the end of 2024.
Check out the video to see what more Vays said.
Speaking of PlanB, earlier today, we revealed that he recently addressed the fact that he prefers to remain anonymous, and he offered the reasons for this.
In a new interview with In Gold We Trust, PlanB revealed his fans the fact that this day job is part of the reason for which it’s best to maintain his anonymity.