Bitcoin worth $1,250,000 in Zac Efron’s new movie
- The entertainment industry is growing bullish about the Bitcoin story and expects the BTC price to trade above $1 million in the future.
- But Bitcoin on-chain data and miner activity show that the short-term story is worrying.
Earlier this week, the world’s largest cryptocurrency Bitcoin (BTC) surged above $20,500 levels, leading to major talks that the next bull run in Bitcoin will start very soon. Bitcoin has yet to continue its momentum and break above its 200 DMA for any chances to increase going forward.
But this has not stopped Bitcoin believers from predicting the long-term price of BTC. For a very long time, the Bitcoin community is optimistic that the BTC price will touch $1 million sometime in the future, and perhaps within a decade.
Zac Efron’s latest movie “Gold” released earlier this year shows a scene from the future where Bitcoin is traded at a price of $1.25 million. It seems that the entertainment industry is quite captivated by the Bitcoin story and optimistic about the future. Of course, no one knows the future. However, the fact that filmmakers have started talking about BTC shows how widespread Bitcoin mania is.
“#Bitcoin traded for $1,250,000″ in Zac Efron’s latest film “Gold”pic.twitter.com/c08UWRT1SQ
— Documenting Bitcoin 📄 (@DocumentingBTC) 27 October 2022
Bitcoin for now – On-chain data
It is always a difficult task to say where the BTC price may be headed next. But let’s take a look at the data in the chain to understand what’s going on. According to the Glassnode report, active address growth for Bitcoin has stagnated. The total number of BTC transactions on the blockchain has fallen, which could play a spoilsport in the BTC price expansion.
Item: Glass nodeThe total number of non-zero BTC addresses has also been on the decline. The last time this happened was in November 2018, it was followed by a Bitcoin price correction.
Bitcoin miners can trigger bigger sales
With the Bitcoin price struggling around $20,000 for quite some time, Bitcoin miners are finding it very challenging to continue their business. Earlier this year, Bitcoin miners sold their BTC reserves in large quantities, and this scenario may repeat itself again.
On the other hand, Bitcoin mining production costs are on the rise with energy costs skyrocketing significantly. Glassnode said BTC miners have reduced leverage by selling their newly mined Bitcoins. They added:
Miner event downsizing can lead to distribution in thin order books, historically low demand, and persistent macroeconomic uncertainty and liquidity constraints.
Item: Glass nodeIn very sad news, the world’s largest Bitcoin miner Core Scientific plans to file for bankruptcy by the end of the year as it runs out of cash. In its filing with the US SEC on Thursday, the Bitcoin mining giant said it is finding it increasingly difficult to continue operations.
According to reports, Core Scientific will not be able to make pending payments due in late October and early November 2022. The company is exploring options to raise new capital, hire strategic advisors and restructure its existing capital structure.
The world’s largest Bitcoin miner breaks down. This is what happens when Bitcoin trades below production costs for too long. pic.twitter.com/Ri0yXqZIPs
— Charles Edwards (@caprioleio) 27 October 2022
Bitcoin exchange exits
As the bear market continues, Bitcoin whales have taken this opportunity to fill their bags. Net BTC outflows from crypto exchanges have increased in recent weeks.
#Bitcoin just recorded its largest net outflow from exchanges in 6 months
Over 70k $BTC worth $1.52 billion again on October 26 👀 pic.twitter.com/WN3awvGPeE
— IntoTheBlock (@intotheblock) 28 October 2022
