Will Clemente thinks Bitcoin is giving bullish signals and is now underweight

Gamza Khanzadaev

Expert Crypto Analyst Makes a Number of Cases for Bitcoin’s Growth

Will Clemente, Crypto Enthusiast and Renowned Analyst present a thesis that the main cryptocurrency is currently undervalued by the market. In favor of his statement, the expert brought a number of interesting arguments.

Clemente highlighted the successful pass of forwarding and the negative funding of BTC futures on cryptocurrency exchanges. Additionally, Bitcoin is starting to establish its dominance again, with its index hitting its lowest value since 2018, rebounding around 40% at one point. The analyst also pointed to a number of bullish signals, citing divergence status and on-chain metrics as evidence.

Clemente’s take on the most ephemeral signals is the most interesting. The positive statements from the heads of major cryptocurrency sites along with the increased circulation of Bitcoin obituaries in the crypto space clearly indicate that the market has bottomed out, the expert believes.

Nevertheless, possible doubts still have their place in the question of US monetary policy and, in particular, the Fed’s fight against inflation, which directly affects the quotation of cryptocurrencies. According to the analyst on this issue, it is worth waiting for a drop in inflation after the regulator’s series of aggressive rate hikes.

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However, as usual with the Fed, the actions and rhetoric can bring a number of surprises, given the unstable macroeconomic and geopolitical backdrop around the world.

Bitcoin (BTC) Price Review

For now, Bitcoin has managed to break above the important price level of $21,500. If the price holds until the US stock market opens, with the S&P 500 continuing to move towards $4,100, an upside can be expected. Otherwise, if the index undergoes a correction, Bitcoin will likely chase it. The support levels at the moment are the blocks from $20,800 to $21,000, $20,500 to $20,000.

There is also speculation in the crypto space that Bitcoin’s slight rise was sparked by a recent interview with Britain’s King Charles III, who is surprisingly knowledgeable about blockchain and the technology associated with it. .

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