Bitcoin holders with deep pockets are loading up on BTC worth billions of dollars, says a closely watched analyst.
Ali Martinez tells his 88,800 followers on social media platform
“Bitcoin Whales Bought Over 40,000 BTC [96 hours]worth approximately $3.96 billion!”
Based on the analyst’s chart, the Bitcoin whales own between 100 and 1,000 BTC.
Martinez also notes that Bitcoin appears to be showing signs of investor optimism based on the behavior of long-term Bitcoin holders, or those who have held BTC for at least six months.
“Longtime Bitcoin Holders Show Signs of Growing Greed! Historically, this behavior suggests that it could take eight to eleven months for BTC to reach a market top. If the trend continues, we may see a potential peak between June and September 2025!”
Looking at the trader’s chart, he seems to suggest that long-term Bitcoin holders are euphoric, a sentiment that could last for months based on BTC’s past bull market cycles.
But while Martinez is bullish on Bitcoin in the long term, he warns that BTC is showing a bearish reading on the 12-hour chart based on the Tom DeMark (TD) Sequential indicator.
“The TD Sequential presented a sell signal on the Bitcoin BTC 12-hour chart, anticipating a price correction to $91,583 or even $85,610! BTC must close above $100,535 to invalidate the sell signal.”
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of a certain number of bars or candles.
At the time of writing, Bitcoin is trading at $97,312.
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Generated image: Midjourney