Willy Woo Prediction: Bitcoin price boom

Bitcoin (BTC) has fallen below the $31,000 mark after reaching a higher threshold earlier, but the demand for Bitcoin futures from institutional and professional investors continues to rise. This surge in demand suggests that a price squeeze could be on the horizon for the leading decentralized finance asset.

Calendar Futures Demand Dictates Bitcoin Price Action

According to cryptocurrency market specialist Willy Woo, his prediction is that demand from calendar futures markets, which are popular among professionals and institutions, plays a significant role in determining the price of Bitcoin. Woo explains that based on the current surge in demand for Bitcoin, it suggests that another price squeeze is in its early stages. Historical data supports his prediction, showing that increasing institutional demand in the past has typically preceded strong upward price movements.

Watch Out for Overbought Calendar Demand

Willy Woo also emphasizes that based on statistical analysis, the current calendar demand is indicating an overbought situation. He advises his followers to closely monitor the waning basis, which quantifies the cost of maintaining a long position. A decrease in the basis could potentially lead to a rapid impact on bullish price action, potentially affecting the anticipated boom in the market.

Bitcoin's Price and Recent Performance

As of the latest data on July 5, Bitcoin is trading at $30,671, reflecting a 1.17% drop in the last 24 hours. However, it has still managed to gain 1.23% over the past seven days and shows a solid increase of 14.55% on the monthly chart.

Bitcoin's Growth Since 2022 U.S. Independence Day

Finbold reports that Bitcoin has experienced a significant surge in value, rising by over 53% between the Fourth of July in 2022 and this year's United States Independence Day. The cryptocurrency has climbed from $20,230 on July 4, 2022, to $31,037 on July 4, 2023.