Bitcoin price can go 'full bull' next month if 200-week trendline stays
Bitcoin (BTC) is preparing a “full bull” BTC price phase in classic style, market cyclist Cole Garner believes.
In social media analysis on Aug. 6, the popular on-chain analyst said that major upside awaits both Bitcoin and the broader crypto market.
BTC price action continues to stagnate, but those looking further into the future are convinced that this cycle is just like any other.
For Garner, activity among the largest-volume cohort of Bitcoin investors — the whales — is one such cause for optimism.
“Whale accumulation trends are a bull market's backbone,” he summarized.
Garner linked to findings from analytics team Jarvis Labs, which in response to a Cointelegraph article in June flagged an ongoing “multi-month buying frenzy.”
It is not just whales — smaller investors, known as fish, have likewise been increasing their BTC exposure.
Continuing, popular technical analyst CryptoCon called whales “diamond hands” thanks to their behavior during the current cycle.
“The small investor to whale ratio is full force surging. What does this mean? The investors that have been selling this cycle (2022 - 2023) are small, whales are holding,” part of analysis from Aug. 3 read.
CryptoCon added that Bitcoin’s last cycle was characterized by “relentless” whale selling — something notably absent today.
“Retail sold this last bear market, whales didn't flinch,” he concluded.
Garner meanwhile reiterated the significance of the Bitcoin-to-stablecoin ratio on major exchange Bitfinex.
Related: BTC price upside ‘yet to come’ at $29K after Bitcoin RSI reset — Trader
As Cointelegraph likewise reported, this is currently exhibiting behavior that has preceded every major bull run in Bitcoin’s history.
“Bitfinex Whale is important. Bitfinex is *the*
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