Why Bitcoin Could Soar To $750,000 Burnett begins by addressing a common oversight in market analysis, which typically juxtaposes Bitcoin’s current cycle against historical performances without accounting for its evolving market context.“I think it’s possible that many people are underestimating Bitcoin this cycle,” Burnett stated, emphasizing the necessity to perceive Bitcoin through the lens of its relative position in the total global wealth.
A key component of Burnett’s argument is the HODL model created by the Rational Root, which he discussed extensively on the podcast "What Bitcoin Did.” The model pinpoints a critical inflection in 2020, coinciding with Bitcoin’s third halving—an event that reduces the number of new bitcoins generated and thus awarded to miners for verifying transactions.
It highlights that illiquid supply as a percentage of total supply held at an all-time low percentage, and it’s been slowly climbing ever since.” According to him, this reflects a shift towards Bitcoin being increasingly held by long-term holders rather than circulated by miners and speculators.
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