In a recent interview with CNBC, crypto analyst and trader Clemente shared his bullish view on Bitcoin as it continues to make new highs. He believes that the price will soon reach $50K or more in the near future.
The when is the bear market coming crypto is a question that has been asked often over the past few weeks. Clemente believes that Bitcoin will soon reach $50,000 USD.
Following a decrease in price to approximately $44,000 on Thursday, the main cryptocurrency Bitcoin (BTC) alarmed several investors. But nothing has changed for Will Clemente. The Blockware Lead Insight Analyst explained why he believes Bitcoin will continue to rise in the coming weeks.
Will Clemente: Some Reasons to Be Confident
Will Clemente said in a tweet on Thursday that he is optimistic about Bitcoin for the following reasons:
- Whales have been purchasing a lot in the past two weeks.
- Exit liquidity isn’t being taken by LTHs.
- Only the supply of illiquid has increased.
- Bids are being pushed higher and higher.
- In February, funding and OI were nowhere near the same price levels (rally is spot driven)
Bitcoin whales (BTC addresses owning between 1k and 10k coins) have been expanding their position in recent weeks, just as the price of Bitcoin has begun to climb again. According to Willy Woo, an on-chain researcher, BTC whale addresses now control approximately 25% of the Bitcoin supply.
The distribution of #Bitcoin continues to improve. Only 25% of the supply is now held by whales.
This graph has been updated to reflect public company ownership. Despite the fact that they are whales, a significant percentage of public shareholders possess their currencies.
Satoshi’s coins were missing (assumed lost). pic.twitter.com/fEHFFQ5rOS
12 August 2021 — Willy Woo (@woonomic)
Furthermore, considering that the quantity of illiquid BTC supply has been increasing recently, even among retail investors, the present BTC accumulation phase is controlled by strong hands.
Glassnode’s illiquid supply is held by retails.
Long-term holders (LTHs) are also refusing to take exit liquidity, indicating that Bitcoin isn’t done. LTHs are continuing accumulating, according to Glassnode’s latest “Long and Short Term Holder Supply Ratios” statistics. According to the indicator, the Bitcoin supply held by LTHs hit an all-time high (ATH) of 82.68 percent on August 10.
The permanent financing rate for Bitcoin futures is currently extremely low across all exchanges. The current financing rate is nothing near the levels observed in February, as seen in the Glassnode figure below.
Glassnode’s permanent funding rate for BTC futures
When will Bitcoin be worth $50k?
It’s unclear whether Bitcoin will be able to regain the $50,000 price level. However, based on the indications, a push to that level isn’t out of the question. To offset the increase in BTC’s illiquid supply shock ratio, Bitcoin will have to break through that price level, as it did in March.
Glassnode’s BTC supply shock ratio chart
At the time of writing, Bitcoin was trading at $46,264 on Binance.
Disclaimer: The material on this website is provided only for educational reasons. They do not constitute financial advice or Coindictate’s recommendations to purchase or sell any asset. Before taking any action, please do your own research.
Clemente has been bullish on Bitcoin for weeks, and he believes that the price is going to rise even higher in the near future. Reference: who sold bitcoin.
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