A popular crypto analyst is looking at what the wealthiest Bitcoin (BTC) holders are doing to gauge the leading crypto asset’s next swing upward.
In a new strategy session, Benjamin Cowen tells his 721,000 subscribers that he keeps track of the largest BTC wallets because they have been known to call market bottoms in the past.
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“I’m keeping a close eye on these wallets because they’ve marked bottoms before. If you look at when did they first get into the market, a lot of these wallets you can see their first [entry] was back in December of 2018…
That marked the bottom. A lot of Bitcoin transferred in at the bottom.”
The chart guru goes on to say that besides initially adding to their holdings, these crypto whales remained mostly quiet through 2019 and 2020 until last summer.
“They didn’t do anything until July of 2021 at around $31k…
It’s not the exact bottom but it’s close enough.”
Cowen concludes by saying that it might be noteworthy if market watchers catch sight of rich Bitcoin players making big purchases in the future.
“I think it’s interesting to keep tabs on these because if one day the market seems relatively uneventful, or if you do see some type of sell-off, and then you see these wallets come in with another huge buy, maybe that’s something to take note of.
I think it’s one of those things worth following. Interesting to follow the whales, see what the whales are doing.”
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