In Blockware Intelligence’s latest report, Clemente says that in the immediate short term, Bitcoin could see a pullback before any bullish momentum continues.
According to the on-chain analyst, multiple factors including whales taking profits and highly liquid entities taking possession of BTC could signal some vulnerability for the top crypto by market cap.
“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).”
On the other hand, Bitcoin’s longer-term prospects look significantly bullish for a number of reasons, according to Clemente.
“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.”
Clemente also has a close eye on what he says is one of his favorite charts. The analyst says that the amount of Bitcoin that LTHs (long-term holders) have acquired is at all-time highs, which could be a sign that a supply shock along with a subsequent price spike could be on the horizon.
“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.”
Source: Will Clemente/Blockware Intelligence
You can read the full Blockware Intelligence report here .
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The post Bitcoin’s Year-End Prospects Look Highly Bullish Says On-Chain Analyst Will Clemente – Here’s Why appeared first on The Daily Hodl .