Crypto guru Willy Woo predicts Bitcoin price boom as demand skyrockets

Although Bitcoin (BTC) has returned below the $31,000 threshold it had reached earlier, the increase in demand from institutional and professional investors in Bitcoin futures continues, suggesting a price squeeze for the flagship decentralized finance (DeFi) asset could be in store.

Indeed, the demand stemming from the calendar futures markets, “the instrument of pros and institutions,” has been one of the major factors dictating the price action of Bitcoin, as the cryptocurrency market specialist Willy Woo explained in a tweet shared on July 4.

Furthermore, he noted that “even now, demand keeps surging, suggesting we are in the early stages of another price squeeze.” Notably, as the chart shared by Woo demonstrates, increasing institutional demand in early June preceded a strong upward price squeeze in mid-June, and this demand has continued to soar.

However, the cryptocurrency expert also pointed out that statistical analysis indicated that calendar demand was overbought, advising his followers to keep a close eye on the basis waning that could rug the bullish price action “quite fast” in a subsequent tweet.

As he further clarified, this basis refers to the cost of maintaining an investment, and in this case, the basis equals the cost of maintaining a long position, so investors can use it as a way to quantify demand coming from calendar futures (i.e., futures that have contract date).

Bitcoin price analysis

Meanwhile, Bitcoin was at press time trading at the price of $30,671, indicating a drop of 1.17% in the last 24 hours but still recording a modest gain of 1.23% over the previous seven days, as well as advancing 14.55% on its monthly chart, as per the latest data seen on July 5.

At the same time, it is also worth noting that the maiden crypto asset has advanced over 53% between the Fourth of July in 2022 and this year’s United States Independence Day, rising from $20,230 on July 4, 2022, to $31,037 on July 4, 2023, as Finbold recently reported.

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