Popular on-chain analyst Will Clemente is assessing the crypto markets after Bitcoin’s recent pullback.
This week, Clemente told his 195,400 Twitter followers that he’s still bullish on Bitcoin (BTC) overall when looking at longer time frames.
The analyst said, however, that a number of metrics indicated BTC could have a “pullback before continuation.”
“I am short term bearish. Drop in Illiquid Supply Ratio and coins moving onto exchanges. Also seeing some selling from whales.”
Clemente notes that a total of 29,696 BTC moved onto exchanges last week – a trend that he says Bitcoin investors don’t want to see continue.
Clemente says Bitcoin now has to prove that it’s found support after slipping below $48,000 this week.
“Sent out some cautious posts Monday and we dropped >$2K following.
Looks like we have found local support if this trend line holds, otherwise eyeing front run of range retest. Have to see daily close + OC data this evening but this is what I’m looking at price structure wise.”
The analyst also says that he received a lot of criticism for suggesting the possibility that Bitcoin’s price could go down temporarily.
“Price can’t go up in a straight line, I just want to help everyone be prepared as possible.”
After surging to a recent high of $50,311.82 on Monday, Bitcoin has pulled back to trading at $47,792.13 at time of writing, according to CoinGecko. The largest crypto asset by market cap is still up more than 28.2% in the past 30 days.
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