Although the cryptocurrency market has been in a bearish mood lately, shedding $20 billion from its market capitalization in a week, the uncertainty around Bitcoin (BTC) could be coming to an end, as suggested by a momentum indicator that points to the rate of whale accumulation of the flagship decentralized finance (DeFi) asset.
As it happens, the Rate of Change (ROC) indicator for Bitcoin has not climbed above zero since this time last year, indicating that the whales have been in accumulation mode and that it might be coming to an end, according to the observations of cryptocurrency chart analyst Trader Tardigrade shared on May 10.
Indeed, as the author noted, such a chart pattern setup, as observed in the previous years starting with 2015, suggests that a bullish rally might be in store for the maiden crypto asset in the near future:
“Bitcoin Rate of Change (ROC) has been sitting below zero line for a year. This indicates the whales have been accumulating BTC, and it comes to an end very soon. When accumulation has completed, a BULL RUN follows.”
Bitcoin price analysis
As things stand, Bitcoin is currently changing hands at the price of $27,661, down 0.07% on the day, as well as decreasing 3.47% across the past week and 2.44% over the previous month, as per the latest data retrieved by Finbold on May 10.
Meanwhile, the crypto community’s predictions for Bitcoin by the end of May are not so optimistic, projecting that the largest digital asset by market cap would continue to decline, reaching an average price of $24,753 on May 31, more than 10% lower than its current amount, as Finbold reported earlier.
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