A popular crypto analyst believes that the Bitcoin (BTC) price has yet to catch up with its “out of control” fundamentals.
In a new YouTube video, the anonymous InvestAnswers host tells his 444,000 subscribers that Bitcoin’s fundamental metrics are increasing, except for the supply of BTC on exchanges, which is declining.
Large amounts of Bitcoin leaving exchanges may signal a bullish period as deep-pocketed investors amass the top digital asset.
The InvestAnswers host notes that the supply of long-term holders is increasing, with roughly 14.5 million Bitcoin in that category now.
“So we have addresses with a balance greater than one Bitcoin, more than 1 million. Of course, many people have five wallets or more, so that doesn’t mean there are a million whole coins, ladies and gentlemen. There will never be more than 330,000 whole coins. But that’s just an interesting stat to look at as well.
And the supply was active for more than a year, again, up and to the right. So the fundamentals are incredibly strong. The Bitcoin price has yet to catch up to reflect what exactly is happening here when you compare these charts to traditional situations.”
BTC is trading at $26,436 at the time of writing. The top-ranked crypto asset by market capitalization is down more than 2.6% in the past 24 hours.
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