The Bitcoin price is preparing for a “full bull” phase, according to market analyst Cole Garner.
Garner believes that Bitcoin and the broader crypto market will experience significant upside in the coming months.
Bitcoin “bull market’s backbone” strengthening
Bitcoin’s price action has been stagnant, but Garner remains optimistic.
He points to whale accumulation trends as a strong indicator of a bull market.
Analytics team Jarvis Labs has revealed an ongoing “multi-month buying frenzy” among whales.
Smaller investors, known as fish, have also been increasing their BTC exposure.
All hinges on BTC price 200-week moving average
Garner emphasizes the significance of the Bitcoin-to-stablecoin ratio on Bitfinex, which has preceded major bull runs in the past.
He argues that Bitfinex Whale, a key player in the market, drives short-to-medium term price action in crypto.
The timing of a bullish breakout remains uncertain, with Garner anticipating a launch in Q3.
To invalidate the bullish scenario, Bitcoin would need to close below its 200-week simple moving average (SMA), currently at $27,235.
This article does not contain investment advice. Readers should conduct their own research before making decisions.