Widely followed Bitcoin (BTC) analyst Will Clemente says the leading cryptocurrency is gearing up for a massive move.
The emerging analyst tells his 136,000 followers that he’s looking at an indicator which suggests that Bitcoin is about to escape its tight range, just above $30,000, in the coming days.
“Bitcoin Volatility Index – Looking ready for a big move.”
As for the possible direction of the anticipated price move, Clemente says he’s bullish on the leading cryptocurrency as he sees heavy buying behind the scenes.
“Still watching for a massive move from Bitcoin. Just keeps coiling.
Setting up for the biggest volatility squeeze since breaking down from [$65,000].
With on-chain showing strong accumulation, expecting a squeeze to the upside.”
Earlier this week, Clemente said that Bitcoin whales and retail buyers are accumulating the flagship cryptocurrency in the $30,000 range.
“Retail has been buying heavily for weeks now, but we finally got the uptick in whales that we were waiting for. There were 17 new whales birthed on the blockchain this week, while at the same time, the overall holdings of whales increase up [sic] by 65,429 BTC.”
Clemente added that these entities scooping up BTC are not in the habit of parting with their cryptocurrency, signaling that a supply shock could be on the horizon.
Clemente also notes in a new tweet that Bitcoin’s user growth continues to increase, which is in stark contrast to what has occurred after previous Bitcoin peaks.
“User growth is doing the exact opposite of what it has following each major Bitcoin bull run peak.
Without any euphoric spike that we’ve typically seen, net user growth just continues to grind higher.”