Bitcoin (BTC<\/a>) is preparing a \u201cfull bull\u201d BTC price phase in classic style, market cyclist Cole Garner believes.<\/p>\n In social media analysis<\/a> on Aug. 6, the popular on-chain analyst said that major upside awaits both Bitcoin and the broader crypto market.<\/p>\n BTC price action continues to stagnate<\/a>, but those looking further into the future are convinced that this cycle is just like any other.<\/p>\n For Garner, activity among the largest-volume cohort of Bitcoin investors \u2014 the whales \u2014 is one such cause for optimism.<\/p>\n \u201cWhale accumulation trends are a bull market’s backbone,\u201d he summarized.<\/p>\n Garner linked to findings from analytics team Jarvis Labs, which in response to a Cointelegraph article<\/a> in June,\u00a0flagged<\/a> an ongoing \u201cmulti-month buying frenzy.\u201d <\/p>\n It is not just whales; smaller investors, known as fish, have likewise been increasing their BTC exposure.<\/p>\n Continuing, popular technical analyst CryptoCon called whales \u201cdiamond hands\u201d thanks to their behavior during the current cycle.<\/p>\n \u201cThe small investor to whale ratio is full force surging. What does this mean? The investors that have been selling this cycle (2022 – 2023) are small, whales are holding,\u201d part of analysis<\/a> from Aug. 3 read. <\/p>\n \u201cThis is powerful for price which can be seen in the past when the metric surges.\u201d<\/p><\/blockquote>\n CryptoCon added that Bitcoin\u2019s last cycle was characterized by \u201crelentless\u201d whale selling \u2014 something notably absent today.<\/p>\n \u201cRetail sold this last bear market, whales didn’t flinch,\u201d he concluded. <\/p>\n \u201cThe wind is at our backs this cycle, this is big.\u201d<\/p><\/blockquote>\n Garner meanwhile reiterated the significance of the Bitcoin-to-stablecoin ratio on major exchange Bitfinex.<\/p>\n Related:\u00a0BTC price upside \u2018yet to come\u2019 at $29K after Bitcoin RSI reset \u2014 Trader<\/a><\/em><\/strong><\/p>\n As Cointelegraph\u00a0reported, this is currently exhibiting behavior<\/a> that has preceded every major bull run in Bitcoin\u2019s history.<\/p>\n \u201cBitfinex Whale is important. Bitfinex is *the* smart money exchange. Bitfinex Whale drives short-to-medium term price action, more than any other entity in crypto,\u201d he argued.<\/p>\n When such a bullish BTC price breakout could occur, however, remains unknown, with Garner favoring a Q3 launch.<\/p>\n \u201cBear\u2019s other strongest counter-argument is summer seasonality. A more potent force than most realize,\u201d he acknowledged. <\/p>\n \u201cThat shakeout will come. But likely not until September. Markets should still have weeks to run.\u201d<\/p><\/blockquote>\n To invalidate the bullish take, he concluded, Bitcoin would need a weekly close below its 200-week simple moving average (SMA), currently at $27,235, per data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>.<\/p>\nBitcoin \u201cbull market\u2019s backbone\u201d strengthening<\/h2>\n
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All hinges on BTC price 200-week moving average<\/h2>\n
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