Several Bitcoin on-chain analysts see a supply shock coming to Bitcoin. But is an increase to $ 380,000 in 2021 really possible, as popular crypto strategist “Bitcoin Jack” believes?

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Three On-chain Experts Remain bullish

Bitcoin is currently at the crossroads between ascent and descent – but several on-chain analysts see Bitcoin as evidence of a bullish breakout: Willy Woo, Will Clemente and Jack Sparrow aka “Bitcoin Jack”.

Willy Woo, for example, expects a potential supply shock in the Bitcoin market, as long-term hodlers (that is, long-term holders) are tapping bitcoins from short-term buyers. Background: By allowing long-term holders to buy and store the coins, they are removed from the circulating Bitcoin supply. That means: There are fewer Bitcoin in circulation. Woo explains why this is relevant and what consequences it has had in the past:

“It reminds me of the supply shock that went unnoticed by the market in the fourth quarter of 2020.“

And:

“The price went through the roof afterwards.“

So is Bitcoin (to buy from eToro or Libertex) facing a price explosion despite bearish charts? On-chain Analyst Will Clemente stipulate it similar to Woo. Also, according to Clemente, the number 1 cryptocurrency by market capitalization is on the verge of a so-called supply shock. He says, citing on-chain statistics: Bitcoin is currently accumulating intensively, which is why there is less and less BTC available. At the same time, Bitcoin whales would buy more and more BTC. That could clarify the belief of large market participants in the cryptocurrency’s near – term prospects-and trigger a surge that the majority of industry participants don’t expect.

Bitcoin Jack Names Massive Price Target

A massively bullish forecast also hits “Bitcoin Jack”. He is considered one of the crypto industry’s most accurate analysts, predicting its V-shaped recovery to $ 19,000 last year after the pandemic-related Bitcoin crash.

Now Bitcoin Jack says: he is positioning himself for the possibility of a Bitcoin rise to $ 380,000 (!). This sounds incredible, but the analyst explains:

“If this BTC cycle ends with similar returns in a similar amount of time as the previous cycle, the chart could literally look like this. Perspective is important.“

People would call him a permabear recently, according to the analyst, but:

“All I’m really doing is waiting to position myself for this opportunity.“

Already about two weeks ago, when Bitcoin slipped below $ 30,000, Bitcoin Jack had stressed that the bull market in his estimation is not over and BTC will see another bullish phase. Whether this now begins?