Despite Bitcoin’s price capriciousness in calendar week 36, the overall picture is bullish. However, old-school billionaires don’t want to believe that.
Whales are going long. At least that’s what on-chain data published by CryptoQuant suggests. According to the data, bitcoin whales have recently been stocking up on digital gold to establish long positions on derivatives exchanges like BitMEX. Looking at data from the past, these same market conditions have been a good indicator of price increases.
If you look at the historical data, the price goes up in the long run after [accumulations of bitcoin whales],
wrote Ki Young Ju, CEO of CryptoQuant on Twitter.
In other words: Whales have taken advantage of the recent price correction to tank BTC. With the help of leveraged positions, they are now looking to milk as much profit as possible out of them. According to CryptoQuant, these are mainly long positions, which speaks for a bullish fundamental stance of the whales.
On-chain data, however, should be taken with a grain of salt. They may make actual trends transparent here and there in the long run. In the short term, however, they can paint a distorted picture.
By the way: Viewed as a whole, the recent correction was a normal sneeze.
Max Keiser is Max Keiser
“People are fighting us by printing money; this is great because it causes our BTC to become more valuable.” That’s how king of the one liners and Bitcoin veteran Max Keiser sums up the current macro environment, which really couldn’t provide a better breeding ground for Bitcoin. For while one form of money is being printed at an increasing rate, the supply growth of the other is trending downward.
Technically, Max Keiser’s price prediction at $220,000 by the end of the year is also still possible.
To make sense of the crypto sector, Stacy Herbert said, people are also increasingly turning to on-chain analysis like that of Will Clemente.
On-chain analysis is something I don’t understand well. So more and more, I’m resorting to newsletters that explain the data,
You can find the full podcast with Dennis Porter here.
Old white men don’t understand bitcoin
Less bullish minded is Lee Cooperman, billionaire chairman of Omega Advisors, a wealth manager with over $3 billion in assets under management. Speaking to CNBC , the manager said:
I would be very cautious with bitcoin. It doesn’t make a lot of sense, and if you’re nervous about the world, gold would be better for me to store value.
But the crucial thing is the sentence before it: ‘If you don’t understand Bitcoin, you’re old.’ I make it simple: I’m old, I don’t understand Bitcoin.” Contrary to the pessimism of its boss, however, Omega Advisors advertises Bitcoin futures trading on its website.
So much for that.