A closely followed crypto analyst says that 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 tells his 44,700 followers on the social media platform X that deep-pocketed Bitcoin investors have gobbled up $6.16 billion worth of the top crypto asset by market cap since the last week of January.
“Bitcoin whales have been on a buying spree, acquiring 140,000 BTC over the past three weeks, amounting to $6.16 billion!”
The rise in BTC holdings of crypto whales comes as Martinez notes that Bitcoin’s Super Trend, an indicator that helps traders to identify market trends, has flashed a bullish signal for the crypto king.
According to Martinez, the Super Trend indicator has been a historically accurate marker for a Bitcoin bull run.
“The Super Trend just flashed 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 inception have all been validated, leading to gains of 169,172%, 9,900%, 3,680%, and 828%, respectively.”
Bitcoin is trading for $48,157 at time of writing, a fractional increase during the last 24 hours.
Concluding his analysis with memecoin Pepe (PEPE), Martinez says that 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 potential price reversals – is also flashing a bullish signal, suggesting that a rally is in sight for the meme crypto asset.
“PEPE is currently showing signs of forming the right shoulder of [an inverse] head-and-shoulders pattern on its three-day chart. Additionally, the TD Sequential indicator has issued a buy signal within this timeframe, suggesting an anticipated bullish impulse for PEPE.”
PEPE is trading for $0.000001 at time of writing.
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