Bitcoin Supply Shock: Could It Surge to $150,000 Next? Profit-Taking Cautions Remain

On July 11, Bitcoin approached a new all-time high of approximately $118,000. This surge is attributed to the fact that over 80% of the circulating supply is held by what are known as 'diamond hands'—long-term holders.

Credible Crypto, a cryptocurrency trader, analyzed on July 8 that 'over 80% of all existing Bitcoins are being held for the long term.' Historically, the only periods when this percentage was higher were just before a $30,000 rise from $43,000 to $73,000, and before a $50,000 increase from $58,000 to over $105,000. Currently, a similar supply shock and price increase scenario is unfolding...