Never mind the naysayers; cryptocurrency genius William Clemente III did the math and says Bitcoin will be alright.
Numerous Bitcoin investors may have been disheartened by the cryptocurrency token’s recent fall from grace, but crypto-prodigy William Clemente III remains bullish about it. China’s crackdown on crypto and Elon Musk’s tweets notwithstanding, Clemente believes there is a basis for optimism.
Indeed, the nineteen-year-old analyst and cryptocurrency personality has stated that bitcoin is in the middle of what he calls a re-accumulation phase despite its value dropping drastically from $65,000 per token.
Recently, Clemente shared three key points to explain his bullish stance regarding bitcoin. Note that his analyses are all based on publicly available market data.
Long-term holders are setting the stage for a sustained bull run
First point: bitcoin hoarders are setting the stage for a bull run.
Clemente stated that “strong hands” – people who have been accumulating bitcoin for a long time – have essentially created a price base. The thing about these strong hands is that they continue to hoard bitcoin even after the supply held by short-term holders has dwindled to practically nothing.
He reminds market watchers that similar occurrences have happened in previous bitcoin bull runs.
According to his metrics, it’s all green and go
While Clemente’s claim to fame has been his astute interpretation of market info, he has also developed his own ways to determine when would be the best time to either buy or sell.
He created the OTC Desk Outflow Stoch RSI Signal to gauge the over-the-counter buying and selling habits of both institutions and high-net-worth individuals when it comes to digital assets. It blinks every time the relative strength index (RSI) of OTC desk outflows exits on the high side – a surefire indicator that big investors are adding bitcoin.
Essentially, it means that potential investors should add bitcoin when the big players do – and over the past year, Clemente’s RSI Signal has been 90% on the money.
Here come the new kids
Recent information from blockchain market intelligence hub Glassdoor reveals a significant increase in the number of new players in the bitcoin scene within the first half of 2021. Many market watchers claim that this signifies the rise of an upcoming bear market, but Clemente begs to differ.
One of the things he noted from previous bear markets is the complete opposite of what’s currently happening. For instance, unlike previously, there has been a sharp decrease in the number of players in the bitcoin network.
Several investors pulled out of the network following the sharp drop in bitcoin’s value so soon after it peaked over $65,000. But a number appear to have returned in recent weeks, though it may be surmised that new users are now holding sway.