- USDT circulating increased, suggesting a BTC price increase shortly.
- The MACD and RSI indicated a possible bullish move for the coin.
- New Bitcoin addresses are buying the dip, indicating a likely rise above $43,000.
According to Simona_APC, a CryptoQuant author, Bitcoin’s (BTC) price could be positively affected by the rise in USDT’s circulation supply. To back up her point, the on-chain analyst referred to historical data.
Simona used an example in 2022, citing how USDT’s supply has increased by 30 billion since 2022. She also noted that each increase was followed by a notable BTC pump.
Correlation between USDT circulating supply and Bitcoin’s price"Since the end of 2022, the circulating supply of $USDT has increased by around 30B. Each increase in supply has traditionally positively affected the development of the $BTC price."
by @simona_apc
Full Post… pic.twitter.com/1bL8YzfRdg
— CryptoQuant.com (@cryptoquant_com) January 29, 2024
Bears Have No Chance
Coin Edition analyzed the data above and observed that there was a strong correlation between BTC’s price and the stablecoin supply. So the recent increase suggests improved liquidity in t…
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