Cryptocurrency

Bitcoin

Bitcoin (BTC) appears to be gearing up for a full-fledged bull phase, according to market analyst Cole Garner. 
Despite its current price stagnation at around $29,033, many experts believe that this cycle will follow the classic pattern of previous bull runs. 
One of the key indicators of optimism is the activity among the largest-volume cohort of Bitcoin investors, known as whales. 
Garner considers whale accumulation trends to be the backbone of a bull market. 
Analytics team Jarvis Labs also reported an ongoing “multi-month buying frenzy” among whales, as well as smaller investors (referred to as fish) increasing their BTC exposure. 
The behavior of whales during this cycle has been notable, with some experts calling them “diamond hands” for holding onto their BTC positions rather than selling aggressively like they did in the previous cycle. 
This shift in whale behavior is seen as a positive sign for the market. 
Another significant factor in predicting a potential BTC price breakout is the Bitcoin-to-stablecoin ratio on Bitfinex, which has historically preceded major bull runs. 
Garner emphasizes that Bitfinex is considered the “smart money exchange” and that the behavior of its whale traders can strongly influence short-to-medium-term price action in the crypto market. 
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While Garner expects a bullish breakout in the third quarter, he acknowledges that summer seasonality could potentially cause a shakeout before that. 
Nonetheless, he believes that the markets still have several weeks to run before any potential downturn. 
To invalidate the bullish outlook, Bitcoin would need to close below its 200-week simple moving average (SMA), which currently stands at $27,235. 
As long as BTC remains above this level, the positive momentum is likely to continue. 
Overall, analysts like Garner remain optimistic about the future of Bitcoin and the broader crypto market. 
 With whale accumulation and investor behavior supporting the bullish thesis, many in the crypto community are anticipating significant upside potential for Bitcoin in the coming months. 
However, as with any market, unpredictability and potential risks remain, and traders should approach the situation with caution. 
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Bitcoin Price Gears Up for Full Bull Run as Whales Drive Optimism

Crypto Intelligence

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