On-Chain Analyst Will Clemente: Bitcoin Rally Is Coming
According to Will Clemente, a top on-chain analyst, a Bitcoin rally is very much possible despite the current challenges that the number one crypto is facing.
Bitcoin supply shock could ignite a significant BTC rise, says Clemente.
“Hang in there guys. This thing is going to pop soon.Supply shock still in play this week.”
Hang in there guys, this thing is going to pop soon.
The analyst focuses on on-chain signals, which currently are pointing to the rise of Bitcoin adoption around the world, and a bullish future for the top crypto asset.
“Extremely bullish on global Bitcoin adoption.Blue: Supply held by entities with .01-1 BTC.Green: Net user growth on the network.All-time highs in new users. Hockey stick up in accumulation from small entities.”
Extremely bullish on global Bitcoin adoption
Blue: Supply held by entities with .01-1 BTC Green: Net user growth on the network
All-time highs in new users, hockey stick up in accumulation from small entities. pic.twitter.com/VPsd4EFJYE
Bitcoin’s illiquid supply ratio has been in a steady uptrend since the COVID-19 pandemic induced sell-off in March 2020, says Clemente. The ratio can be calculated by dividing BTC’s illiquid supply by its cumulative or increasing supply, he adds.
“Here’s a really interesting long-term chart. Following March 2020, record money supply expansion changed investor behavior in the Bitcoin market. This metric shows the trend in the number of illiquid coins relative to overall supply. More coins are being locked up than ever.”
The on-chain analyst also points out that whales (entities holding between 1,000 to 10,000 BTC) have been accumulating since early July. These rich investors have added over $2.40 billion worth of BTC to their holdings in the last 14 days, according to Clemente’s data analysis.
“Bitcoin whales have added +76,441 BTC to their holdings in the last 2 weeks.”
Bitcoin whales have added +76,441 BTC to their holdings in the last 2 weeks.
