Prominent cryptocurrency commentator Cole made a bold prediction. The analyst is pointing to the upcoming week. At the time of writing, BTC is finding buyers around the $29,000 mark. The prevailing FUD in the market is dampening investors’ risk appetite and the lack of volume is fueling shallow volatility.
Will Bitcoin Rise?
Market analyst Cole Garner believes that Bitcoin is gearing up for a classic “bull run” phase. In his social media analysis on August 6th, he stated that he expects both Bitcoin and the broader crypto market to experience a major surge. According to Garner, the movement among whales, the largest volume of Bitcoin investors, is a good reason for optimism.
“Whale accumulation patterns are the backbone of a bull market.”
It’s not just whales, smaller investor groups are also increasing their BTC holdings. Furthermore, popular technical analyst CryptoCon referred to whales as “diamond hands” due to their behavior during the current cycle.
“The ratio of small investors to whales is increasing at full force. What does this mean? Selling investors in this cycle (2022 – 2023) can only hold if whales do.”
Everything depends on Bitcoin’s price in relation to its 200-week moving average. Meanwhile, Garner emphasized the importance of the Bitcoin-stablecoin ratio on the major exchange Bitfinex.
“Bitfinex Whale is important. Bitfinex is a *smart money exchange*. Bitfinex Whale directs more short- and medium-term price movements than any other asset in crypto. But it affects the market more negatively than you expected during the summer months.”
According to the analyst, Bitcoin’s price can continue to rise as long as it doesn’t close below its 200-week simple moving average ($27,235).
Review of Shiba, XRP, and Dogecoin
Shiba Coin experienced an impressive surge but failed to hold above $0.00001. This indicates that investors taking advantage of dips are not avoiding profit-taking. Especially in a market dominated by FUD, areas where reasonable profits can be taken are flooded with sellers. In the short term, if the $0.0000091 region can be maintained, bulls can find strength for a new resistance test.
The summary judgment in the Ripple case was neutralized by the Terraform Labs Judge. Although Ripple officials do not accept this, the price has temporarily erased a significant portion of the gains. The $0.61 region is critical for XRP; if there are closures below it, we may see a drop to $0.56 and $0.5. For the rally to continue, bulls must stay above $0.67.
The favorite of Elon Musk is currently not finding what it’s looking for. DOGE, which was expected to experience a parabolic rise during its transformation process to X App, is unfortunately paying the price for the mischievous billionaire’s lack of explicit support.
As long as the price stays below $0.075, it can visit the support levels of $0.073 and $0.068.
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