A fresh analytical perspective from Dutch analyst Marc van der Chijs has shown that the Bitcoin price would almost double its current value to hit $100k in the next two to three months. The analyst cited the Bitcoin demand by exchange-traded funds (ETFs) and the upcoming halving as the major catalyst for his claims.
Van der Chijs stated that Bitcoin ETF demands daily are currently 10–12 times higher than what miners produce, meaning that soon, the product would need investors to sell to fill that order. Notably, the amount of Bitcoin held on exchanges has dropped to its lowest in six years as hodlers are reluctant to let go of their Bitcoin bags. The analyst alleged that this increased demand and reduced supply will move the Bitcoin price to new highs.
Halving, a Game Changer
With the halving set for April, Van der Chijs stated that the Bitcoin supply would take a further dip and significantly impact the price.
“Right now, 900 BTC are produced per day, but after that, only 450 new coins are mined. This will add to the supply shock and will lead to even higher prices,” the analyst stated.
The halving will bring substantial scarcity at the current demand-to-supply rate between ETFs and Bitcoin, as the product would now need at least 20 times what miners are producing daily. Simple economics already explains that when demand topples supply at that margin, the asset in consideration will drastically increase in price.
Increased Demand After Probation
Van der Chijs also alleged that many financial advisers have not started selling Bitcoin ETF to their clients as they prefer to give the product a 90-day probation window where they observe them. Hence, more advisers would start recommending Bitcoin ETFs to their clients in early May, which would drive demand further.
Investment firms like Vanguard and Citigroup Inc. have not started selling ETFs to clients, as they expressed skepticism regarding the product. A change in the event would add to the already-accelerating demand for Bitcoin and drastically impact the price.
According to Van der Chijs, except “there is a black swan event, we will see a new all-time high (>$69K) before the halving, and we could possibly hit $100k in the next 2-3 months already.”
