Bitcoin (BTC) is preparing for a “full bull” phase in a classic style, according to market analyst Cole Garner.
Bitcoin price may experience a significant bullish rally next month, provided that the 200-week trendline holds steady
In a social media analysis on August 6th, the famous on-chain analyst stated that significant upside potential awaits both Bitcoin and the broader crypto market. Although BTC price action has been stagnant, those looking ahead believe this cycle is similar to previous ones.
Garner finds cause for optimism in the activity of the largest-volume cohort of Bitcoin investors, commonly known as whales. He summarized, “Whale accumulation trends are the backbone of a bull market.”
Garner referred to findings from the analytics team at Jarvis Labs, which, in response to a Cointelegraph article in June, highlighted an ongoing “multi-month buying frenzy.” It’s not just whales; smaller investors, known as fish, have also been increasing their exposure to BTC.
Furthermore, well-known technical analyst CryptoCon called whales “diamond hands” due to their behavior during the current cycle. According to the analysis on August 3rd, the small investor-to-whale ratio is surging with full force. CryptoCon stated, “This means that the investors selling in this cycle (2022 – 2023) are small, while whales are holding.” He added that in Bitcoin’s previous cycle, there was relentless whale selling, which is notably absent today.
“Retail sold during the last bear market, but whales didn’t flinch,” CryptoCon concluded.
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