Bitcoin whales gobble up about $6,160,000,000 worth of BTC in just three weeks: crypto analyst
A closely followed crypto analyst says Bitcoin (BTC) whales have scooped up billions of dollars worth of the flagship digital asset in just three weeks.
In a new thread, crypto strategist Ali Martinez shares with his 44,700 followers on the social media platform
“Bitcoin whales have been on a buying spree, acquiring 140,000 BTC worth $6.16 billion in the last three weeks!”
Source: Ali Martinez/X
The rise in crypto whales' BTC holdings comes as Martinez notes that Bitcoin's Supertrend, an indicator that helps traders identify market trends, has given a bullish signal for the crypto king.
According to Martinez, the Supertrend indicator is a historically accurate indicator of a Bitcoin bull run.
“The Supertrend just displayed a buy signal on the Bitcoin monthly chart, a tool known for its precision in predicting BTC bull markets. The four buy signals it has issued since BTC’s launch have all been confirmed, resulting in gains of 169,172%, 9,900%, 3,680% and 828%, respectively.”
Bitcoin is trading at $48,157 at the time of writing, up slightly in the last 24 hours.
Concluding his analysis with Memecoin Pepe (PEPE), Martinez says its three-day chart appears to be forming a bullish inverse head and shoulders pattern.
The analyst also says that the Tom Demark (TD) sequential indicator, used to identify trend direction and possible price reversals, is also signaling a bullish signal, suggesting that a rally is on the horizon for the meme crypto asset.
“PEPE is currently showing signs of right shoulder formation [an inverse] Head and shoulders pattern on the three-day chart. Additionally, the TD Sequential indicator has issued a buy signal within this period, indicating an expected bullish momentum for PEPE.”
PEPE is trading for $0.000001 at the time of writing.
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