Bitcoin (BTC) Aims to Go Higher, Analyst Says, Here’s What’s Happening

Crypto trader, analyst and interviewer of famous personas in the crypto space Scott Melker has posted a BTC/USDT chart on Twitter, saying “Looks like it wants more”.

On the chart, it is visible that a Falling Wedge pattern is forming – a reversal pattern that is likely to push an asset’s price to the North.

Earlier today, the flagship cryptocurrency Bitcoin demonstrated a rise of 2.24%, hitting the $30,700 zone. However, by now it has slipped back to $30,562 on the Bitstamp exchange.

$BTC

Looks like it wants more. pic.twitter.com/5ZAa3yOh3i

— The Wolf Of All Streets (@scottmelker) June 29, 2023

Bitcoin recovers after MicroStrategy purchase

On Wednesday, software intelligence giant MicroStrategy announced that it had purchased another hefty stash of Bitcoin. This time, the company spent $347 million to grab 12,333 BTC. Now, the company holds 152,333 Bitcoin in total and this digital wealth is evaluated at $4.5 billion.

However, several BTC experts pointed out that Bitcoin price always drops a little every time MicroStrategy makes yet another BTC purchase. Yesterday, BTC slipped by around 2%, in March and April BTC went down by 5% each time but it also recovered afterward.

In particular, senior analyst at K33 Research Vetle Lunde noted the BTC decline yesterday. Trader Bob Loukas tweeted today, saying that he does not understand why everyone is cheering on these BTC purchases of MicroStrategy - “This concentration and honey pot is absolutely horrible for bitcoin”, he stated.

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Here’s when the last Bitcoin will be mined

Bitfinex exchange today revealed how much time miners still have to mint the very last Bitcoin. According to the tweet, they still have whole 117 years before it happens. The very last BTC will be generated as late as 2140.

Out of the 21 million coins, more than 92% have already been mined and injected in circulation, Bitfinex’s tweet reminded to the community.

Wake up to this fun fact! 🌤️

Miners will generate the last #Bitcoin in 2140. Only 21M coins can be produced, and more than 92% of the total possible $BTC is already in circulation.

The remaining 1.5 million coins will take another 117 years to generate! ⏳

— Bitfinex (@bitfinex) June 29, 2023

Every four years, a BTC halving takes place when miners’ rewards get reduced by 2. The next halving is to take place in April-May 2024.

The BTC rewards that year will be reduced from the current 6.25 BTC to 3.125 BTC and so on – every four years until the last BTC is mined in 2140.