What is behind Michael Saylors prediction of Bitcoin To the Moon

Coin World News Report:
Bitcoin surged above $68,000 for the first time since late July.
Key indicators reached ATH peaks.
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 climbed to $68,424, marking its highest price in nearly three months. Michael Saylor, the co-founder and chairman of MicroStrategy, expressed his agreement with this 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 has risen by 0.97% in the past day and 10% in the past week.
Is a Bitcoin supply shock on the horizon?
In addition to the positive price trend, developments in the supply aspect have also stimulated traders’ expectations of further increases.
Firstly, Bitcoin miners produce only 450 Bitcoins per day, which is insufficient to meet the growing 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 value.
Data also reveals that the circulating supply of Bitcoin has reached 19.77 million, accounting for 94.14% of the total supply. Finally, according to CryptoQuant, foreign exchange reserves have reached the lowest point in five years, with 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 from derivatives.
According to CryptoQuant, Bitcoin’s Open Interest (OI) recently hit a new all-time high of $20 billion, indicating increased participation and interest.
Chicago Mercantile Exchange Bitcoin futures OI also reached a new all-time high, reflecting increasing institutional involvement. Additionally, the funding rate is positive at the time of writing.
Data from Coinglass shows a long/short ratio of 1.02, indicating a slight inclination towards long positions. These indicators suggest an overall bullish market.
BTC closing price at $70,000
In a favorable market environment, with Saylor eyeing the moon, the price seems to be around $70,000.
6-month Liquidation Heatmap
Data from Coinglass shows a significant cluster of liquidity at this level, and $72,300 and $72,600 may become the next magnetic zones attracting prices.
On the downside, a large amount of liquidity is concentrated around $67,000 and $65,000. If BTC falls below these levels, a rebound may occur.
Therefore, considering the trend of Bitcoin, the bulls still hope to reclaim the all-time high set in March.