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⚡Bitcoin Set to Shock at $100K💥

Croxroad

30 Aug 2023 — 5 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🥇 Bitcoin Targeting $100K: with a Fraction of Gold's Market Cap

In the world of Bitcoin mining, some exciting changes are happening. Sue Ennis, who's the vice president at Hut 8, a big player in this game, believes that miners who are in a good spot will do really well after the next Bitcoin halving.

We're less than nine months away from the next big Bitcoin halving event. And you know what everyone's talking about? Well, the experts and the folks who watch the markets think that when this halving happens, Bitcoin's price could soar to an all-time high, or even break the mind-blowing $100,000 mark.

The crypto market isn't exactly seeing a whole lot of new money coming in, and there are some bigger economic challenges at play. Plus, Bitcoin's recent moves on the charts, dropping below $30,000 at around $26,004, isn't exactly boosting confidence in this idea, at least for the near future.

So, here are two bits from the chat with Paul Barron: Sue Ennis, the VP at Hut 8, spilled the beans on what she thinks about Bitcoin's price shooting past $100,000 in the next year. She also got into how this upcoming halving thing will shake things up for Bitcoin miners. By the way, right now, Hut 8's got about 9,152 BTC in the bank, and around 8,305 of those are totally free and clear. Oh, and they've got this tech thing called ASIC hash rate capacity, running at 2.6 exahashes per second. In July alone, these guys mined a cool 44.6 BTC. Savvy?

During this chat, Barron asked a pretty interesting question. He was wondering if the increasing difficulty for folks mining Bitcoin could lead to more people selling off their BTC. Get this, he brought up some numbers from the Hashrate Index – he noticed that whenever there's a sudden spike in the difficulty of mining Bitcoin, the price of BTC tends to drop soon after.

Barron was wondering something pretty interesting. He asked if those Bitcoin miners might be selling off their Bitcoin because of the upcoming halving. It seems like this halving thing might be making them look for better and faster machines called ASICs.He was also thinking that the price of Bitcoin before and after the halving might not be as awesome as people were hoping for. Like, maybe the price won't be shooting up as much as everyone expects.

Ennis's observation is;

“What’s changed now is that we’re seeing Bitcoin price come down a little, but hash rate continues to go up. [...] I think what’s really exciting and different is we’re seeing a tremendous amount of new entrants into the global Bitcoin network.”

🦸 Bitcoin Avengers Keep on Stacking

Continued Accumulation by Bitcoin's Most Loyal Holders Despite Price Sluggishness.

This means that approximately 40% of the total supply of Bitcoin has not been transferred or moved between different addresses for a period of 3 years.

Well, there are these Avengers who have had Bitcoin for a long time, like they've been holding onto it for a while. Even though the price of Bitcoin dropped a lot recently, these long-time holders didn't sell their Bitcoin. This kind of shows that they still believe the price will go up in the future, even if right now things seem a bit slow and not so great in the Bitcoin market. So, basically, these holders are staying positive about Bitcoin in the long run, no matter what's happening right now.

Avengers who have had Bitcoin for three years or more are still getting more of it, which is a good sign. But when we look at people who haven't moved their Bitcoin in a year, that seems like they're not so confident, which might mean a more negative feeling about Bitcoin's future and Bearish moment.

People who trade Bitcoin futures and options are kind of getting ready for a not-so-great market in the next few months. They think the price of Bitcoin might go down a lot, maybe even to $22,000, which is like 15% lower than what it is now. So, they're kind of expecting things to get worse for Bitcoin's price.

💹 Bitcoin Supremacy

In this new exclusive series we will emphasize The Supremacy of Bitcoin. So hold your seats! “It’sssss Timeeee” as Bruce Buffer would say it.

Inflation Protection:

Ladies and gentlemen, let's break it down! You see, just like a fighter entering the ring, traditional currencies can lose their strength over time due to inflation. But now, imagine Bitcoin as your heavyweight champion, stepping in to defend against this financial foe.

Bitcoin, the head honcho of cryptos, has a fixed number of coins that'll ever exist - it's like a vault with a limited number of gold bars. When the regular money supply grows faster than the supply of Bitcoin, it's like our contender stepping into the ring. And guess what? The demand for Bitcoin surges, making its price shoot up like fireworks on the Fourth of July.

But hold on, this isn't a one-man show! Many other cryptocurrencies play by the same rules, capping their supply to tackle inflation head-on. Now, when it comes to Bitcoin, there's only gonna be 21 million of those bad boys, as laid out in that fancy computer file.

So, here's the grand finale: Picture this - demand goes up, the crowd goes wild, and the value of Bitcoin climbs higher, keeping pace with the market and showing inflation that it's not calling the shots anymore. It's a financial strategy that's got the potential to go the distance, protecting your hard-earned cash from losing its mojo over time.