Bitcoin bears will be defeated, according to on-chain analyst Will Clemente
Well-known on-chain analyst Will Clemente says Bitcoin (BTC) owners might get a surprise.
Brothers speak with its 273,000 Twitter followers, the BTC price will be much higher in 30 days.
“Bears are defeated, good night. Please wake me up after a month. ”
To back up his point, Clemente shared a chart comparing the price of BTC and the supply ratio of illiquid or infrequently sold coins. According to the analyst, the illiquid supply ratio is a good indicator for predicting the next move in BTC price, since the indicator’s price increases have led to a price increase in the past and vice versa.
“The offer became liquid at the end of April / May, which is an early indicator of the subsequent decline.
The offer became illiquid at the end of June / July, which then led to a reversal of the BTC price. ”
The source: Will Clemente / Twitter
Clemente also said that both whales (units greater than 1,000 BTC) and small fish (units less than 10 bitcoins) have been steadily piling up since the benchmark cryptocurrency fell more than 50% in May this year.
The analyst says that using Glassnode data, he found a pattern that marks the bottom for Bitcoin. According to Clemente, BTC’s absolute low is currently around 13% below its price at the time of going to press.
“Using Glassnode’s illiquid supply data, this model essentially seeks to estimate a minimum price for Bitcoin based on its scarcity over time. While the price actually fell below the bottom for a brief period in mid-2017 and early this year, it has never been below the line for long and is still worth a representation of a bitcoin bottom. Currently, the lower limit of the price is $ 38,283.
The source: Blockware intelligence
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According to Dailyhodl