Breaking the September curse! Bitcoin breaks through the $51,000 mark, analyst Willy Woo says it could go up to $55,000.
On Sunday evening, the price of Bitcoin surged past $51,000, reaching a high of $51,863. According to reports from foreign media, historically, Bitcoin has typically performed poorly in September, with a potential turnaround in October. With the first week of September now behind us, traders and investors are curious about the price trend moving forward.
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S2F Analyst Willy Woo: Heading to $55K
However, according to analyst Willy Woo's tweet, based on an indicator of "supply shock", he suggests that this wave of Bitcoin prices may rise to $55,000.
Note: Willy Woo defines supply shock as = illiquid supply/liquid supply. He believes that the Exchange Supply Shock has reached a historical high, meaning that the illiquid supply in self-custody is much greater than the liquid supply on exchanges.
Supply Shock valuation model.
Uses a look-back algo to determine what the market priced BTC at prior demand and supply situations.
Currently puts BTC above $55k.
It's conservative as one of the SS metrics, exchange SS, is now above all-time-high so no look-back is possible. pic.twitter.com/zMuI6AcvZI
— Willy Woo (@woonomic) September 5, 2021
Willy Woo thinks that although Bitcoin has not yet stabilized at $50,000, on-chain indicators are more firmly bullish.
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