On-chain analyst William Clemente according to Blockware Intelligence’s latest, explains that Bitcoin’s (BTC) pattern for the last period of the year is bullish. More so, adding that bitcoin is ready for another massive run.
Furthermore, Clemente goes ahead to say that in short term, Bitcoin will be seeing slight decline. However, this decline will only launch it to the massive bull run.
Additionally, Clemente lists several factors that can bring about some level of volatility. Which of course, noting whales taking profits and highly liquid entities taking possession of BTC.
“Short-term outlook: seeing some coins move from liquid to highly liquid entities,..”
“…exchange flows neutral, some whales taking profits, funding spiking while market cap/OI (open interest) increasing…”
“…Wouldn’t be surprised to see a short-term pullback to around $53,000 and at the lowest, a retest of PoB (point of breakout).”
Furthermore, there’s other factors indicating the massive bullish run, which Clemente continues to expose.
“Macro: highly bullish. Supply dynamics(HODLing behavior) remain strong, hash coming back on the network,..”
“…retail still out of the market. Still standing on my thesis for a strong Q4.”
Lastly, Clemente notes one of his favorite factors for a bullish run. Which of course, according to him, is the amount of Bitcoin that long-term holders is hitting new time all highs. Also, The analyst goes on to describe this as highly bullish.
“The methodology for this metric is that when LTHs lock up a large enough portion…”
“…of supply there is a supply squeeze effect on the market. The ratio has…”
“…reached all-time highs, which is extremely bullish.”
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