Bitcoin is seeing the most bullish signal flashing as we speak. Check out the latest reports about the king coin’s price below.
Bitcoin price prediciton is out
It’s been revealed that a popular crypto strategist said that one chart could foreshadow bullish continuations for Bitcoin (BTC) and the rest of the crypto markets.
Analyst Justin Bennett said not too long ago, that the Tether dominance chart (USDT.D) is on the verge of violating the diagonal support that has kept the metric in an uptrend since November 2021.
Traders often keep an eye on the USDT.D chart. It’s important to note this because it shows how much of the crypto market cap is comprised of stablecoin Tether (USDT). It’s been revealed that a bearish USDT.D chart is traditionally interpreted as bullish for Bitcoin and crypto. This indicates that traders are parting with their stablecoins to take risk.
Bennett stated the following:
“The most bullish signal right now for crypto is the Tether dominance chart, in my opinion. This moves inversely to crypto and is currently breaking down. Unconfirmed as of now. Weekly close will be key.”
A catalyst can flip Bitcoin bullish again
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $21,308.
It’s been just revealed that there is a crypto strategist who says Bitcoin (BTC) may remain stuck in a bearish market until the hawkish US Federal Reserve pivots.
In a new strategy session, Kevin Svenson said that there appears to be a strong correlation between the S&P 500 stock market (SPX) and how Bitcoin’s price performs.
“Whenever there’s stock market volatility, Bitcoin’s in a strict downtrend. Even when the stock market is unstable and it’s seeing higher highs, lower-lows Bitcoin does not find support on those bounces. It’s just in a strict downtrend. People are very hesitant to bullishly bet on Bitcoin when the stock market is volatile.”
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