Before the release of the inflation data, Bitcoin, which continued its horizontal movements at $ 27,600, exceeded $ 28,000 with the inflation data coming below the expectation.
While investors are now waiting for further rise in BTC, well-known crypto analyst Trader Tardigrade said in his post on Twitter that the uncertainty in Bitcoin may be coming to an end.
Looking at the Rate of Change Indicator (ROC) in Bitcoin, the analyst noted that the ROC indicator has not risen above zero since this time last year.
Stating that this is an indication that the whales are in accumulation mode and that the accumulation period is about to end, the analyst also added that it is a bullish signal for Bitcoin.
The analyst said in his post:
“The Bitcoin Rate of Exchange (ROC) indicator has been below zero for a year.
This is an indication that whales are accumulating BTC. According to the chart, the accumulation period of whales will end very soon.
The accumulation period is followed by the BULL."
#Bitcoin Rate of Change (ROC) has been sitting below zero line for a year. This indicates the whales have been accumulating $BTC and it comes to the end very soon.
When accumulation has completed, a BULL RUN follows.#BTC #Crypto pic.twitter.com/LApw4AqJnk
— Trader Tardigrade (@TATrader_Alan) May 10, 2023
According to the chart shared by the analyst, historically, when the whales completed their BTC accumulation, that is, when the Bitcoin ROC indicator went above zero, there was a bullish/bullish period in Bitcoin.
If history repeats itself, a bull rally in BTC could begin soon, according to the ROC indicator.
*Not investment advice.