More bullish news about Bitcoin pops up on a daily basis, despite the massive crypto price volatility.
Check out what important analyst Will Clemente said recently.
93% of Bitcoin’s supply hasn’t moved in at least a month.
This is an all-time high. Just another metric showing how bullish supply dynamics are. pic.twitter.com/Rx6TuVkdYW
— Will Clemente (@WClementeIII) September 12, 2021
Someone commented: “Have you done any stable coin flow analysis lately? Did search on your feed. Last update was Aug, unless I missed something. Seems important metric to include…”
Another follower said: “It will never be 100%. But as it approaches the high 90’s institutions and corporations will have to show profits for their shareholders. We will still see extreme volatility the next few years.”
Regarding Bitcoin’s price, at the moment of writing this article, BTC is trading in the green, and the king coin is priced at $45,982.51.
Bitcoin’s fate for 2021
The crypto market looks better today, with the most important coins trading in the green. Bitcoin is not an exception, and the king coin is now priced above $46k.
Crypto analyst Justin Bennett says one price level for Bitcoin could determine what happens to BTC the rest of the year.
He explained that he thinks a correction to the $40,000 range for Bitcoin seems logical and that whatever happens after BTC hits that level could say a lot.
“A pullback to the $40,000 key weekly level makes a lot of sense here. That doesn’t mean it will happen, but it’s a scenario worth considering.”
He also said that Bitcoin might be showing a similar pattern to April when BTC formed a local top.
“BTC also bottomed with a bullish engulfing week in July.”
He also explained that a specific price level could determine the fate of BTC for the rest of this year.
Stay tuned for more news.