In a world where the crypto market is as unpredictable as the weather, potential market shifts can trigger an avalanche of speculation among investors. Notably, some on-chain analysts seem to believe that Bitcoin could witness a possible “full bull” upswing next month, with several conditions in place.
Bitcoin price action continues to stagnate, leaving many hesitant about the crypto’s future. However, in the eyes of the observant analyst Cole Garner, this is just part of a typical cycle. According to his analysis, increased activity among Bitcoin’s whale investors signals a potential uptrend. Garner states that whales, operators of higher volumes of Bitcoin, represent the backbone of a bull market.
Garner leans on Jarvis Labs’ analytics, which flagged an onslaught of whale buying over several months. It’s not just the whales making waves; smaller investors, termed as “fish”, are also enhancing their Bitcoin portfolio. Another crypto analyst nicknamed “CryptoCon” depicts whales as possessing “diamond hands” due to their hold on the cryptocurrency through the fluctuating market conditions.
This surge in investor ratio by both whales and fish could tip the scales and potentially impact the price positively. However, a significant caveat in the prediction exists: the Bitcoin price should sustain above its 200-week simple moving average (SMA). According to Garner, this SMA is currently at around $27,235, as per Cointelegraph Markets Pro and TradingView’s data.
On the other hand, Garner acknowledged what he termed as “summer seasonality” as one of the strong counter-arguments to his optimistic prediction. He suggests a potential shakeout of the market, but not until September, giving room for the market to run for a few more weeks.
Given this context, the tug-of-war continues between hopeful expectations and the scepticism rooted in past market cycles. While the bulls and bears lock horns, the real determinant of this game will perhaps be Bitcoin’s ability to maintain above its 200-week SMA. As we eagerly watch this space, it’s essential to remember that every investment carries an inherent risk, and due diligence is paramount before diving into decision-making.
Source: Cointelegraph
