Bitcoin FOMO is Back: $70K and Then New Record Highs in Sight, Says Analyst
A $10 billion surge in stablecoin minting over the past weeks has flooded the crypto market with liquidity, Thielen noted.
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A $10 billion surge in stablecoin minting over the past weeks has flooded the crypto market with liquidity, Thielen noted.
The market will have to absorb between $4-$6 billion worth of bitcoin selling pressure throughout the summer months, weighing on prices, K33 Research said.
BTC has already dropped 14% in four weeks.
The price of bitcoin has dipped about 15% during the second quarter.
The bullish forecast comes ahead of key U.S. data that is likely to influence Fed rate cut expectations.
Our favorite strategy is to buy Bitcoin Spot, Sell 100,000 strike call, and Sell 50,000 strike put for the December 2024 expiry, 10x research said in a note.
Rapidly expanding stablecoin supply shows that “fiat money is being moved into crypto at an accelerated pace,” 10x Research’s Markus Thielen said.
Bitcoin’s uptrend is supported by strong trading volumes, a bullish sign for continuation, a FalconX report said.
Massive inflows into spot bitcoin ETFs made headlines recently, but there are other metrics that showcase U.S. investors’ appetite for the asset.
Bitcoin targets $48,000 in the short term fueled by a strong historic track record around the Chinese New Year, 10X Research’s Markus Thielen said.