Deep-pocketed Bitcoin holders are loading up on BTC to the tune of billions of dollars, a closely followed analyst says.
Ali Martinez tells his 88,800 followers on the social media platform X that Bitcoin whales bought tens of thousands of BTC in just four days as the crypto king hovers close to the psychological price point of $100,000.
“Bitcoin whales have bought over 40,000 BTC in [96 hours], worth around $3.96 billion!”
Based on the analyst’s chart, the Bitcoin whales are holding between 100 and 1,000 BTC.
Martinez also notes that Bitcoin appears to be flashing signs of investor optimism based on the behavior of long-term Bitcoin holders, or those who have owned BTC for at least six months.
“Long-term Bitcoin holders are showing signs of growing greed! Historically, this behavior suggests it could take eight to 11 months for BTC to hit a market top. If the trend holds, we might see a potential peak between June and September 2025!”
Looking at the trader’s chart, he seems to suggest that long-term Bitcoin holders are euphoric, a sentiment that can last for months based on BTC’s previous bull market cycles.
But while Martinez is long-term bullish on Bitcoin, he warns that BTC is showing a bearish reading on the 12-hour chart based on the Tom DeMark (TD) Sequential indicator.
“The TD Sequential presented a sell signal on the Bitcoin BTC 12-hour chart, anticipating a price correction to $91,583 or even $85,610! BTC needs to close above $100,535 to invalidate the sell signal.”
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of a given number of bars or candles.
At time of writing, Bitcoin is trading for $97,312.
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Generated Image: Midjourney
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