Bitcoin to ‘Much Higher’ in Coming Months, Chain Analyst Clemente Predicts

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Popular analyst Will Clemente believes that Bitcoin may have an uptrend in the coming months as on-chain data emits bullish signals.

The prominent chain strategist tells his 209,100 followers that he is closely monitoring the relevant Bitcoin Illiquid Supply (RSI) strength indicator. The indicator tracks the momentum of Bitcoin’s build-up by executing the 365-day stochastic RSI on the 30-day net change in the illiquid supply of BTC.

“This Bitcoin supply shock wave has the most momentum in recent history. We are going much higher over the next few months.

Source: Will Clemente / Twitter

According to Clemente’s chart, Bitcoin tends to trigger a parabolic rise whenever the metric moves from the bottom to the top of the range, or the area where a BTC supply-side crisis could be in play. occurred in the second half of 2020, the first half of 2019 and the second half of 2017.

If Bitcoin triggers a rally, Clemente points out that $ 48,000 could be solid resistance on the chain. Above that, the next chain resistance stands at $ 55,000.

“Air between $ 50,000 and $ 54,000. Blue skies over $ 60,000.

Source: Will Clemente / Twitter

On July 5, when BTC was trading at around $ 33,000, Clemente predicted that a BTC supply shock could push prices up. The value of BTC has jumped over 40% since then, with Bitcoin now trading around $ 47,000.

Clemente has also previously said that this cycle may be different from any other bull market, as long-term holders, or owners of BTC who have kept their coins dormant for at least five months, accumulate at a rapid rate. .

Structurally, this time is actually different. Long-term Bitcoin holders give their voice.

Source: Will Clemente / Twitter

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