Crypto analyst and influencer Tyler Swope says that Bitcoin’s bull market is still intact despite BTC’s recent 50% plunge from all-time highs.
In a new video, the host of Chico Crypto tells his 244,000 YouTube subscribers that he’s following the work of emerging on-chain analysts who unveil long-term bullish signals for Bitcoin.
“William Clemente III put out, ‘New all-time highs in accumulation addresses every day throughout this dip.’ So the accumulation addresses are picking up Bitcoin right now, usually the whales.”
“This is big, this is from Lex Moskovski on Twitter. He said, ‘All stablecoins in all exchange reserves are reaching an all-time high.’ So basically people aren’t just going into USD to take it fully out of the markets. They’re putting it in a stablecoin, which in my opinion, signals they’re getting ready to put it back in. They’re waiting for those opportunities.
Those opportunities are going to be coming pretty, pretty quickly.”
The crypto trader also points to a top post in the Bitcoin subreddit thread which highlights four key signals of a bull market top. According to Swope, we have yet to enter a bear market based on those four top indicators.
“He said, ‘It’s not only the analysts, top analysts right here of their stock-to-flow model. The fact that bull markets usually last 18 months.’ This one hasn’t. ‘We haven’t crossed the two-year MA (moving average) X five line. And, we haven’t hit a parabolic 16% increase of the 200-week moving average within a month.’
So there’s a lot of TA (technical analysis) indicators that are signaling no we aren’t even close to the top because in the past, these things have happened with each parabolic run.”
As for the current stage of the bull market, Swope believes that BTC is currently building the base for the next leg up.
“This is accumulation time, where we’re at. I mean you could get some better prices but I don’t try to look at things like that. It weighs too much in your mind… This is accumulation time. Just buy throughout it.”