Bitcoin Price Would Need To Move To $53k To Address The Demand/Supply Imbalance In The Market

Willy Woo has an important note to make about the price of Bitcoin these days. Check out his tweet below.

#Bitcoin price would need to move to $53k to address the demand/supply imbalance in the market.

— Willy Woo (@woonomic) August 8, 2021

He continued and said the following and posted this graph:

Posted 15th July when short term price action was sliding bearish. Fundamentals do not predict short term price, but given enough time price discovery reverts to fundamentals.

Exact value is $53.2k today, with a standard deviation band between $39.6k – $66.8k (68.5% confidence). pic.twitter.com/ZZuT9x9ZP2

— Willy Woo (@woonomic) August 8, 2021

A follower hopped in the comments and posted this: “Looks like this is forming the shoulder-head-shoulder pattern. Also the volume begins to be weaker in this area and the RSI in the one-day timeframe is weaker than when the bounce began in the 29- 37K area.”

Bitcoin is looking great at the end of this week and the king coin is trading in the green at the moment of writing this article. BTC is trading at $44,862.23.

Bitcoin price to continue upwards

The crypto market exploded, and prices are racing as we speak.

Needless to say, crypto Twitter is filled with massive excitement today.

It’s been just revealed that Bitcoin whales have been moving massive amounts of BTC as the king coin prints a new 30-day ATH.

More than that, the online publication the Daily Hodl revealed that crypto analytics firm Santiment says that whales continue to increase their BTC holdings.

According to Santiment, “the percentage of BTC ownership among the “millionaire tier” cohort, or investors holding between 100 and 10,000 BTC, has risen sharply since June.”

This reportedly allowed the deep-pocketed investors to accumulate nearly half of Bitcoin’s total supply.

“Bitcoin has taken off on a bullish crypto Friday, touching above $43,000 for the first time since May 18th. The spike comes as traders were cooling down on BTC, as markets historically move the opposite way of crowd expectation.”