The Bitcoin price has surpassed the $66K mark, sparking speculation about when it will reach a new all-time high.
Crypto expert Ali Charts revealed the Bitcoin forecast in his latest post. Ali Martinez describes how the BTC follows the basic laws of supply and demand. Moreover, he also highlights the holder’s data of BTC in its post on X.
Ali Martinez Unveils a Shocking Bitcoin Price Forecast
Crypto expert Ali Charts pointed out in the post that the fundamental principles of supply and demand determine the price movement of any crypto asset. When supply exceeds demand, the price of the asset tends to decrease. Conversely, when demand exceeds supply, the price typically rises.
These fundamental principles also apply to Bitcoin, and analyzing on-chain metrics can offer valuable insights into the behavior of Bitcoin holders.
The basic laws of supply and demand determine the price action of any asset.
— Ali (@ali_charts) May 16, 2024
When supply exceeds demand, the asset's price tends to decline. Conversely, when demand outstrips supply, the price usually rises.
These same principles apply to #Bitcoin, and on-chain metrics can…
He added that in mid-March, Bitcoin achieved a new record high of over $73,000, increasing its Realized Cap, indicating that most long-term holders were making profits. As a result, some of them sold their $BTC positions, causing a significant surge in Realized Profits.
The increased supply of BTC on the market exceeded the demand levels, resulting in a corrective phase that led to the price of Bitcoin dropping below $57,000.
This decline caused Bitcoin to fall below its Short-Term Holder Realized Price, instilling fear in the market, as short-term holders are more likely to sell based on price volatility.
Moreover, investors are accumulating Bitcoin at a short-term holder-realized price of $60,500, and long-term holders are comfortable adding BTC over $70K, indicating confidence in its future value.
As demand for Bitcoin exceeds available supply, its upward trajectory will likely continue. Over 30,000 BTC have been transferred to private wallets for long-term holding since early May, further demonstrating holders’ confidence.
On-chain metrics, such as the MVRV Extreme Deviation Pricing Bands, suggest potential future price levels, with Bitcoin currently hovering around $64,600 and the 1.0σ pricing band at $77,000.
Is the Best Price of BTC Slipped from the Investors’ Hands?
Another famous analyst, Benjamin Cowen, shared his view about accumulating BTC at the current levels.
If you are just now converting your #ETH to #BTC, you are extremely late to the party. While I think it will go to 0.03-0.04, the time to make the trade was 2 years ago, not during the actual capitulation event. pic.twitter.com/e8VZzNFoeb
— Benjamin Cowen (@intocryptoverse) May 17, 2024
Benjamin mentioned in his tweet, “If investors are converting their Ethereum to Bitcoin now, then they are late to enjoy the party.” Cowen suggests that accumulating the assets two years ago would have been the perfect time rather than the actual capitulation event.
