{"id":12758,"date":"2023-08-06T12:45:43","date_gmt":"2023-08-06T12:45:43","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12758"},"modified":"2023-08-06T12:45:44","modified_gmt":"2023-08-06T12:45:44","slug":"bitcoin-price-can-go-full-bull-next-month-if-200-week-trendline-stays","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12758","title":{"rendered":"Bitcoin price can go \u2018full bull\u2019 next month if 200-week trendline stays"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) is preparing a \u201cfull bull\u201d BTC price phase in classic style, market cyclist Cole Garner believes.<\/p>\n<p>In social media analysis on Aug. 6, the popular on-chain analyst said that major upside awaits both Bitcoin and the broader crypto market.<\/p>\n<h2>Bitcoin \u201cbull market\u2019s backbone\u201d strengthening<\/h2>\n<p>BTC price action continues to stagnate, but those looking further into the future are convinced that this cycle is just like any other.<\/p>\n<p>For Garner, activity among the largest-volume cohort of Bitcoin investors \u2014 the whales \u2014 is one such cause for optimism.<\/p>\n<p>\u201cWhale accumulation trends are a bull market&#8217;s backbone,\u201d he summarized.<\/p>\n<p>Garner linked to findings from analytics team Jarvis Labs, which in response to a Cointelegraph article in June,\u00a0flagged an ongoing \u201cmulti-month buying frenzy.\u201d <\/p>\n<p><em>Bitcoin whale and fish activity chart. Source: Jarvis Labs\/X (Twitter)<\/em><\/p>\n<p>It is not just whales; smaller investors, known as fish, have likewise been increasing their BTC exposure.<\/p>\n<p>Continuing, popular technical analyst CryptoCon called whales \u201cdiamond hands\u201d thanks to their behavior during the current cycle.<\/p>\n<p>\u201cThe small investor to whale ratio is full force surging. What does this mean? The investors that have been selling this cycle (2022 &#8211; 2023) are small, whales are holding,\u201d part of analysis from Aug. 3 read. <\/p>\n<p>\u201cThis is powerful for price which can be seen in the past when the metric surges.\u201d<\/p>\n<p>CryptoCon added that Bitcoin\u2019s last cycle was characterized by \u201crelentless\u201d whale selling \u2014 something notably absent today.<\/p>\n<p>\u201cRetail sold this last bear market, whales didn&#8217;t flinch,\u201d he concluded. <\/p>\n<p>\u201cThe wind is at our backs this cycle, this is big.\u201d<em>Bitcoin investor selling data. Source: CryptoCon\/X<\/em><\/p>\n<h2>All hinges on BTC price 200-week moving average<\/h2>\n<p>Garner meanwhile reiterated the significance of the Bitcoin-to-stablecoin ratio on major exchange Bitfinex.<\/p>\n<p><strong><em>Related:\u00a0BTC price upside \u2018yet to come\u2019 at $29K after Bitcoin RSI reset \u2014 Trader<\/em><\/strong><\/p>\n<p>As Cointelegraph\u00a0reported, this is currently exhibiting behavior that has preceded every major bull run in Bitcoin\u2019s history.<\/p>\n<p>\u201cBitfinex Whale is important. Bitfinex is *the* smart money exchange. Bitfinex Whale drives short-to-medium term price action, more than any other entity in crypto,\u201d he argued.<\/p>\n<p>When such a bullish BTC price breakout could occur, however, remains unknown, with Garner favoring a Q3 launch.<\/p>\n<p>\u201cBear\u2019s other strongest counter-argument is summer seasonality. A more potent force than most realize,\u201d he acknowledged. <\/p>\n<p>\u201cThat shakeout will come. But likely not until September. Markets should still have weeks to run.\u201d<\/p>\n<p>To invalidate the bullish take, he concluded, Bitcoin would need a weekly close below its 200-week simple moving average (SMA), currently at $27,235, per data from Cointelegraph Markets Pro and TradingView.<\/p>\n<p><em>BTC\/USD 1-week chart with 200SMA. Source: TradingView<\/em><\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Experts want to give AI human \u2018souls\u2019 so they don\u2019t kill us all<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-bull-next-month-200-week-trendline\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is preparing a \u201cfull bull\u201d BTC price phase in classic style, market cyclist Cole Garner believes. In social media analysis on Aug. 6, the popular on-chain analyst said that major upside awaits both Bitcoin and the broader crypto market. Bitcoin \u201cbull market\u2019s backbone\u201d strengthening BTC price action continues to stagnate, but those looking [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12758"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12758\/revisions"}],"predecessor-version":[{"id":12760,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12758\/revisions\/12760"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12759"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}