#Binance #Bitcoin #BTCđ„đ„đ„đ„ #BitcoinTrends" #BTC
Bitcoin price is likely to rise based on the basic laws of supply and demand, cryptanalyst predicts
According to a popular cryptanalyst, âthe fundamental laws of supply and demandâ are designed to work in Bitcoinâs (BTC) favor.
Trader Ali Martinez tells his 62,300 followers on social media platform X that Bitcoin has flooded the market after the top crypto asset hit an all-time high of over $73,700 in March, sending most long-term holders into profit.
âThe increase in supply of BTC in the market exceeded the level of demand, which led to a correction phase that resulted in the price of Bitcoin falling below $57,000. This drop has left Bitcoin below its short-term holder realized price, creating a sense of fear in the market given that short-term holders are more willing to sell due to price volatility.
The short-term holder's realized price, currently $60,500, has served as a point of accumulation despite investor concerns. Indeed, long-term holders felt comfortable adding over 70,000 BTC to their positions at these levels after taking profits in March.â
The realized price is the average price of bitcoins in circulation, calculated based on the price at which they were last moved. The short-term holder's strike price is the average acquisition price of all bitcoins purchased in the last 155 days.
Martinez predicts that demand for Bitcoin will begin to outstrip supply.
âWatching Bitcoin balances on exchanges can confirm these supply and demand dynamics. Since the beginning of May, more than 30,000 BTC have been transferred to private wallets for long-term storage, demonstrating holders' confidence in the future value of Bitcoin."
At the time of writing, BTC is trading at $67,316.
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