Accumulate

Bitcoin

Million

Elon Musk

Bitcoin (BTC) appears to be gearing up for a powerful bull phase, according to market analyst Cole Garner. Despite the current stagnant BTC price action, Garner believes that the cryptocurrency market is on the verge of a significant upward trend reminiscent of past cycles. 
Garner draws his optimism from the behavior of major Bitcoin investors, often referred to as “whales.” He emphasizes that whale accumulation trends are a crucial indicator of a bull market. 
Jarvis Labs, an analytics team, corroborates this sentiment, reporting an ongoing “multi-month buying frenzy” among whales. 
Notably, smaller investors, referred to as “fish,” have also been increasing their exposure to Bitcoin. This trend, coupled with whales’ unwavering positions, leads popular technical analyst CryptoCon to label the whales as “diamond hands” during the current cycle. 
In contrast to the relentless selling by whales in Bitcoin’s last cycle, the current situation portrays a stark difference. 
Retail investors were the ones selling during the bear market, while whales stood their ground. 
This phenomenon contributes to the conviction that the current cycle is different and that the market is poised for substantial growth. 
One critical factor on which the entire bullish scenario hinges is the Bitcoin-to-stablecoin ratio on Bitfinex, known as the Bitfinex Whale. 
This ratio has historically preceded major Bitcoin bull runs. Garner emphasizes the significance of this metric, considering Bitfinex the “smart money exchange” and a key driver of short-to-medium-term price movements in the crypto market. 
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While Garner favors a potential bullish breakout in the third quarter, he acknowledges the potential counter-argument of summer seasonality. 
Nevertheless, he believes that any shakeout is likely to occur in September, giving the markets more time to rally. 
To invalidate the bullish outlook, Garner highlights the importance of the 200-week simple moving average (SMA) for Bitcoin’s price. 
A weekly close below this level, currently at $27,235, would be a critical sign that the bullish phase might not materialize. 
In conclusion, Garner’s analysis indicates a strong belief in a forthcoming bull market for Bitcoin and the broader crypto market. 
The increasing accumulation by whales and smaller investors, coupled with the historical significance of certain metrics like the Bitfinex Whale, provides an optimistic outlook for BTC’s future price trajectory. 
Nonetheless, the 200-week SMA remains a crucial level to watch for potential bearish developments. 
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Market Analyst Predicts ‘Full Bull’ Phase for Bitcoin (BTC) as Whales Accumulate

Crypto Intelligence

Ďalšie články zverejnené 7. 8. 2023

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