Despite Bitcoin price capers in calendar week 36, the overall picture shows a bullish picture. Old-school billionaires don’t want to admit it, though.
Whales go long. At least that’s what on-chain data released by CryptoQuant suggests. Accordingly, Bitcoin whales have recently stocked up on digital gold in order to set up long positions on derivative exchanges such as BitMEX. If you look at data from the past, these same market conditions were a good indicator for price increases.
“If you look at the historical data, in the long run the price increases after [accumulations of bitcoin whales],“
writes Ki Young Ju, CEO of CryptoQuant on Twitter.
In other words, whales have used the recent price correction to fuel BTC. With the help of leveraged positions, you want to milk as much profit as possible from these. In the opinion of CryptoQuant, these are mainly long positions, which speaks for a bullish attitude of the whales.
However, on-chain data should be treated with caution. In the long term, they may make actual trends transparent here and there. In the short term, however, they can paint a very distorted picture.
Max Keizer is Max Keizer
“They fight us by printing money; that’s great because it makes our BTC more valuable. ” The king of the One Liners and Bitcoin veteran Max Keizer summarizes the current macro environment, which actually could not provide a better breeding ground for Bitcoin. Because while one form of money is being printed at increasing speed, the growth in supply of the other tends to decrease.
Technically, Max Keiser’s price prediction at $ 220,000 is still possible by the end of the year.
In order to figure out the crypto sector, says Stacy Herbert, more and more on-chain analyzes such as that of Will Clemente are used.
On-chain analytics is something I don’t understand well. That is why I use more and more newsletters that explain the data,
You can find the entire podcast with Dennis Porter here .
Old white men don’t understand Bitcoin
Lee Cooperman, billionaire and chairman of Omega Advisors, an asset manager with over $ 3 billion in capital under management, is less bullish. The manager told CNBC :
“I would be very careful with bitcoin. It doesn’t make a lot of sense, and if you’re nervous about the world, gold would be a better place for me to store value.“
What is decisive, however, is the sentence in front of it: “If you don’t understand Bitcoin, you are old. I make it easy for myself: I’m old, I don’t understand Bitcoin.” Contrary to the pessimism of their boss, Omega Advisors advertises on the website with trading Bitcoin futures.