-->

Bitcoin Supply Shock Now in Play, Says On-Chain Analyst Will Clemente

Emerging on-chain analyst Will Clemente says he’s closely watching the activities of two types of Bitcoin investors as BTC continues to trade above the $30,000 level.

Clemente tells his 129,500 Twitter followers that a supply-side crisis may be on the horizon as investors with strong hands, or with little history of selling, pounce onto BTC amid its downward price action.

 

“Bitcoin is now in heavy accumulation. Supply shock in play. There’s been a clear bull divergence in strong hand buying vs price, but check out that big spike printed last night. This force is pushing up against price.”

Image
Source: Will Clemente/Twitter

The popular on-chain analyst adds that whales, or entities with holdings of more than 1,000 BTC, have purchased tens of thousands of Bitcoin in a short amount of time.

“And check out this spike in whales.

Whales added 64,137 BTC to their holdings yesterday.”

Image
Source: Will Clemente/Twitter

According to Clemente, the heavy accumulation of whales and strong hands comes as the amount of Bitcoin stored on exchanges saw a significant decrease in the last seven days.

“Exchange inventories are down -24,259 BTC in the last week. Now trending sideways bullish.”

Image
Source: Will Clemente/Twitter

Clemente says that looking at the on-chain signals makes him bullish on Bitcoin in the coming months. He tells his followers to look at the clear bullish divergences in September 2020 and January 2021. The analyst also suggests that the heavy buying of strong holders during those months preceded the significant rise in BTC’s value.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix
 

Check Latest News Headlines




Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Roman3dArt

The post Bitcoin Supply Shock Now in Play, Says On-Chain Analyst Will Clemente appeared first on The Daily Hodl.



source https://dailyhodl.com/2021/07/05/bitcoin-supply-shock-now-in-play-says-on-chain-analyst-will-clemente/

Related Posts

Subscribe Our Newsletter