In a recent statement, veteran cryptocurrency analyst Ali Martinez shed light on the behavior of Bitcoin whales and the overall BTC market.
According to the analyst, the behavior of crypto whales is currently mixed, with some buying while others selling to take advantage of recent price movements.
Martinez, however, sees a clear accumulation trend when focusing on the largest group of whales, those holding between 1,000 and 100,000 BTC. According to the analyst, this pattern is typical for bull markets and indicates a positive outlook among large wallets.
According to the analyst, these wallets started buying BTC around $29,000 and accelerated their purchases when the price exceeded $46,000.
On the other hand, the TD Sequential indicator, a popular tool used by investors to identify price formations, is showing a sell signal on the Bitcoin 3-day chart, according to Martinez. It is important to note that BTC has experienced a 10% price correction the last two times this indicator gave a bearish signal, according to the analyst. This suggests that the market may still experience short-term volatility as the biggest whales accumulate.
*This is not investment advice.