Well-known analyst Will Clemente says the leading cryptocurrency is preparing for a big step.

He told his 136,000 followers that an indicator he used suggests that Bitcoin will break out of its narrow range in the coming days.

“Bitcoin Volatility Index – Ready for a Big Step”.

Source: William Clemente

Regarding the direction of this volatility, Clemente said he is bullish on the benchmark cryptocurrency as he sees many investors still piling up.

“I am waiting for a big step from Bitcoin. Just keep compressing.

Setup for the greatest volatility since the fall in prices [$ 65.000].

Since the on-chain shows a strong accumulation, a price increase is to be expected. “

Source: William Clemente

Earlier this week, Clemente said that bitcoin whales and retail investors are amassing benchmark cryptocurrency in the $ 30,000 range.

“Retail investors have bought a lot in the past few weeks, but a more positive move is that Bitcoin has seen an increase in whales. 17 new whales were born this week, and the total number of BTC held by whales has increased by 65,429 BTC.

Clemente added that these companies are not in the habit of parting ways with their cryptocurrencies in the short to medium term, suggesting that a supply shock could be imminent.

Clemente also noted in a new tweet that the number of users on the Bitcoin network continues to grow, in stark contrast to what happened after Bitcoin’s previous highs.

“User growth is doing exactly the opposite of what it was after each previous growth cycle.

Without the peaks we normally see, the number of users just keeps increasing. “

Source: Clemente / Glassnode

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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