New Bitcoin Bear Phase or Healthy Correction? Analyst Will Clemente Looks at On-Chain Trends of BTC Market

New Bitcoin Bear Phase or Healthy Correction? Analyst Will Clemente Looks at On-Chain Trends of BTC Market


Prominent analyst Will Clemente is looking at the on-chain data of Bitcoin to see whether the BTC market is undergoing a major shift in trend.

In a new installment of the Blockware Intelligence newsletter, Clemente says that Bitcoin’s abrupt drop wiped out billions of dollars worth of leveraged positions.

 

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“As one trader’s forced liquidation sale triggered the next trader’s stop-loss, roughly $1.23 billion of longs got liquidated, $622 million of which came from ByBit… In total, roughly $4.4 billion of perpetual futures open interest was wiped.”

Source: Will Clemente

According to Clemente, the drawdown that saw Bitcoin plunge from its 30-day high of $52,853 to a low of $43,285 is a much-needed breather to keep BTC’s uptrend sustainable.

“I view this as a healthy cleansing, especially when you get a view of how investors acted throughout the event.”

To support his long-term bullish bias on BTC, Clemente says the plummet gave investors the opportunity to buy over $1

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