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According to analyst William Clemente, Bitcoin’s trend will change to bullish when a certain indicator reaches a key level.
Clemente considered such an indicator as the initial cost of an asset from short-term BTC-holders, which represents the average rate of entry to the market for a certain group of investors. BTC investors are considered short-term holders if their coins are less than 5 months old:
“Bitcoin is below the initial value of the short-term holder (now $ 53,000). Until this level returns, there will be no bullish trend. You need to be careful until the market shows a reversal. “
According to the analyst, more and more BTC volumes go to large investors with a small sales history and this indicator is seriously different from the May situation (right before a large-scale correction):
“Over the past week, the illiquid supply has recovered well, that is, the volumes are transferred to the hands of investors who are not inclined to spend bitcoin (they hold more than 75% of the received coins). The situation is radically different from that in May, when the opposite effect took place. “
In addition, BTC bulls can monitor funding rates on cryptocurrency exchanges. They should have a neutral or negative trend, only then will Bitcoin have a good chance of starting a new bull run.
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