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April 26, 2021

Here’s Who’s Accumulating Bitcoin During Dip, According to Crypto Analyst Will Clemente

By Daily Hodl Staff

On-chain analyst Will Clemente is unveiling the group of buyers who he believes to be accumulating Bitcoin in the midst of BTC’s sustained sell-off.

In a new tweet, Clemente tells his 37,100 followers that owners of Bitcoin wallets that were created in the last three months are selling their BTC stack.

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“Younger, inexperienced wallets are selling. (1-3months and under). Older wallets continue to accumulate Bitcoin.”

Source: Will Clemente/Twitter

According to Clemente’s chart, wallets that were created between November 2020 and April 2020 have been actively adding to their BTC stack even as Bitcoin’s value tumbled between $64,000 to below $50,000.

The on-chain analyst adds that billions of dollars worth of stablecoins flowed into exchanges recently, indicating that a certain breed of investors is ready to buy the BTC correction.

“$3.37 billion of stablecoins (Tether, USDC, BUSD) moved onto exchanges yesterday. Despite widespread fear, the smart money is stepping in to buy this Bitcoin dip.”

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Source: Will Clemente/Twitter

As for the current state of BTC, Clemente highlights a key level where bulls are making a stand against the sell-off.

“On-chain volume support at $47,000 held strong once again after being retested. The Bitcoin market proving $47,000 to be a tough level for bears to crack.”

Source: Will Clemente/Twitter

The on-chain analyst also highlights that Bitcoin’s momentum indicator, the relative strength index (RSI), is hovering at a level not seen since the coronavirus-induced crash last year.

“Bitcoin daily RSI has now reset to its lowest level since March 2020.”

Source: Will Clemente/Twitter

In addition, Clemente notes that more and more people are entering the Bitcoin network on a daily basis even amid BTC’s deep pullback.

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“Anyone bearish on Bitcoin is not taking into account the number of new users coming onto the network. Currently over 60,000 new users a day. Each cycle goes through a parabolic phase of new adoption, we are currently in that phase of this cycle.”

Source: Will Clemente
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