Bitcoin’s price drop below $57,000 was a result of the increasing supply of BTC on the market, surpassing demand levels, according to popular crypto analyst Ali Martinez. This caused a sense of fear among investors, as short-term holders are more likely to sell based on price volatility. However, the Short-Term Holder Realized Price of $60,500 served as an accumulation point for long-term holders, who felt comfortable adding over 70,000 BTC to their positions. Martinez predicts that demand for Bitcoin will soon outstrip supply, as more than 30,000 BTC have moved to private wallets for long-term holding since early May. BTC is currently trading at $65,411. Please note that The Daily Hodl is not providing investment advice and recommends conducting thorough research before making any high-risk investments in Bitcoin or other cryptocurrencies.