On-chain analyst William Clemente says Bitcoin’s (BTC) outlook for the latter half of this year remains highly bullish.
In Blockware Intelligence’s latest report, Clemente says that in the immediate short term, Bitcoin could see a pullback before any bullish momentum continues.
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According to the on-chain analyst, multiple factors including whales taking profits and highly liquid entities taking possession of BTC could signal some vulnerability for the top crypto by market cap.
“Short-term outlook: seeing some coins move from liquid to highly liquid entities, exchange flows neutral, some whales taking profits, funding spiking while market cap/OI (open interest) increasing. Wouldn’t be surprised to see a short-term pullback to around $53,000 and at the lowest, a retest of PoB (point of breakout).”
On the other hand, Bitcoin’s longer-term prospects look significantly bullish for a number of reasons, according to Clemente.
“Macro: highly bullish. Supply dynamics(HODLing behavior) remain strong, hash coming back on the network, retail still out of the market. Still standing on my thesis for a strong Q4.”
Clemente also has a close eye on what he says is one of his favorite charts. The analyst says that the amount of Bitcoin that LTHs (long-term holders) have acquired is at all-time highs, which could be a sign that a supply shock along with a subsequent price spike could be on the horizon.
“The methodology for this metric is that when LTHs lock up a large enough portion of supply there is a supply squeeze effect on the market. The ratio has reached all-time highs, which is extremely bullish.”
You can read the full Blockware Intelligence report here.
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