On-chain analyst William Clemente says whales are once again plunging into the Bitcoin (BTC) markets. In his latest statement, Clemente states that the number of new users on the Bitcoin network is at an all-time high.
Contact us to be instantly informed about the last minute developments. Twitter and Telegram You can follow our channel.
Clemente says BTC whales are once again piling up with retail investors. The analyst says this trend has “doed nothing but accelerate this week,” with whales buying around $2,200,000,000 worth of BTC.
Clemente also looks at BTC inflows and outflows on exchanges. The popular analyst uses Bollinger Bands, a volatility indicator that generates oversold or overbought signals, while examining the flow and exits of BTC to cryptocurrency exchanges. Clemente says the indicator has given its first “buy” signal since March.
Supporting other on-chain bullish signals, Clemente notes the behavior of those who buy Bitcoin. According to his analysis, those who bought BTC have little history of selling, suggesting that there may be a “supply shock” on the horizon.