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.
Check Latest News Headlines
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
This article was originally reported on The Daily Hodl.