According to Brave New Coin, researcher and analyst Christopher Brookins believes that fixed bitcoin supply, scarcity narratives and HODLers (money holders) have formed a self-reinforcing feedback loop that keeps Bitcoin's long-term outlook bullish . Time-series data shows that over time, the growth in bitcoin supply is strongly positively correlated with price. Bitcoin data provides a slightly different view from the encrypted news circle: it is wrong to say that "bitcoin scarcity is the only factor driving price increases." In fact, it is more likely that BTC's growing (but fixed amount) supply creates a market, “believers” or HODLer, a narrative, and buying needs, thus forming a self-reinforcing feedback. The cycle will eventually create more demand.