What is behind Michael Saylors prediction of Bitcoin To the Moon

BitOffer Report:
Bitcoin soared above $68,000 for the first time since late July.
Key indicators reached their ATH peak.
Bitcoin [BTC]
As their Uptober dreams seem to be turning into reality, the bulls are having a busy day. This week, King Coin made a strong comeback, breaking through critical resistance levels.
On October 16th, King Coin reached $68,424, the highest price in nearly three months. Michael Saylor, co-founder and chairman of MicroStrategy, expressed his agreement and announced, “To the moon.”
His words captured the optimism of cryptocurrency enthusiasts as Bitcoin’s surge reignited people’s confidence and excitement.
At the time of writing this article, the coin has slightly dropped to $67,458, but it has risen by 0.97% in the past day and 10% in the past week.
Is Bitcoin’s supply shock coming?
In addition to positive price trends, supply developments have also stimulated traders’ expectations of further increases.
Firstly, Bitcoin miners produce only 450 Bitcoins per day, which cannot meet the increasing demand brought by institutional investors’ continuous accumulation.
For example, BlackRock recently increased its Bitcoin holdings by $391.8 million.
It is worth noting that spot Bitcoin ETFs hold a total net asset value of $64.46 billion, accounting for 4.82% of Bitcoin’s market capitalization. Data shows.
Furthermore, Bitcoin’s circulating supply has reached 19.77 million, accounting for 94.14% of the total supply. Finally, according to CryptoQuant’s foreign exchange reserves, it has reached the lowest point in five years, 2.6 million Bitcoins.
Due to these factors, the possibility of a supply shock seems to be looming.
What does derivative data indicate?
To gain a deeper understanding of the market sentiment surrounding Bitcoin, AMBCrypto analyzed data on derivatives.
According to CryptoQuant, Bitcoin’s open interest (OI) recently reached a historical high of $20 billion, indicating increased participation and interest.
Chicago Mercantile Exchange Bitcoin futures OI also reached a historical high, reflecting the continuous increase in institutional participation. In addition, the funding rate is positive at the time of writing.
Coinglass’s data shows a long/short ratio of 1.02, indicating a slight bias towards long positions. These indicators suggest overall market optimism.
With the BTC closing price at $70,000, in a favorable market environment, Saylor sets his sights on the moon, and the moon’s price seems to be around $70,000.
The six-month liquidation heat map from Coinglass’s data shows a significant liquidity cluster at this level, and $72,300 and $72,600 may become the next magnetic zones attracting prices.
On the downside, a large liquidity concentration is around $67,000 and $65,000. If BTC falls below these levels, a rebound may occur.
Therefore, given the trend of Bitcoin, the bulls still hope to reclaim the historical high set in March.