Bitcoin price programmed at $100,000! A huge, flexible crisis could soon drive up prices

Bitcoin Price Reaches $65,000! Less than a few hours after reaching the new milestone of $64,300, the token managed to bounce back and negate the bearish attempt to keep prices below $64,000. However, the bulls do not seem to be desperate as they soon take action and push the levels back above the newly formed resistance. Now the path to the new high seems to have become completely clear, but no increased price movements are yet to take place as a massive supply shortage threatens the markets.

The Bitcoin narrative has evolved rapidly, starting at levels around $32,000 after markets recovered from the “SEC drama.” While most of them assumed that the ETF had no impact on BTC price in the short term, they failed to analyze the long-term impact that was clearly visible in the recent price rally. It is a known fact that the spot ETFs recorded huge volumes with BTC worth $7.64 billion reaching the highest value on February 28, 2024.

However, a few months ago, exchanges ran out of BTC and ETC as well as apps that offered to buy Bitcoin. According to data from Glassnode, the balance of all exchanges has reached its lowest level in history.

On the other hand, Cash App, one of the popular mobile payment service platforms that offers Bitcoin and other crypto services, is running out of supplies. According to some reports, the platform has no BTCs for sale, suggesting that a major supply shock is coming in the crypto space. Additionally, once Bitcoin mining rewards halve in April, supply shortages could lead to new highs as new BTC issuances are halved.

This could be one of the reasons why memecoins are surging exceptionally while the top altcoins are consolidating within a narrow range. Furthermore, BTC price appears to have entered the halving phase, witnessing a significant price increase that could push the pre-halving levels above $70,000. However, prices are expected to remain high despite minor bearish action that could hamper them at certain resistance levels.

So, it is fair to say that Bitcoin (BTC) price rise to $100,000 is already programmed and bulls are aiming to push the mark beyond that.

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