Good day fellow traders,
By now you might have heard about the Tether scandal. It has been revealed that 26% of the USDT in circulation is not backed by fiat currency that it is supposedly "tethered" to.
This has caused many people holding USDT to sell, dropping USDT price from $1.00 to $0.98 on April 25,2019. Where did these sellers go?
Most likely USDT sellers are buying bitcoin with their new liquidity.
We actually called for $4,800 BTC in one of my earlier tradingview posts, when BTC was at $3,400. In that post, I predicted if $4,800 was broken, we will retest $6k.
Here we are at $5.6k per BTC, but there are still many people going short.
I believe the shorts are also helping fuel this increase as market makers are using their stop losses as liquidity for their longs.
What do you think is causing this recent BTC price increase?
Leave your comments below!
As always, feel free to leave a like to support posts like these.
-Shaggad
By now you might have heard about the Tether scandal. It has been revealed that 26% of the USDT in circulation is not backed by fiat currency that it is supposedly "tethered" to.
This has caused many people holding USDT to sell, dropping USDT price from $1.00 to $0.98 on April 25,2019. Where did these sellers go?
Most likely USDT sellers are buying bitcoin with their new liquidity.
We actually called for $4,800 BTC in one of my earlier tradingview posts, when BTC was at $3,400. In that post, I predicted if $4,800 was broken, we will retest $6k.
Here we are at $5.6k per BTC, but there are still many people going short.
I believe the shorts are also helping fuel this increase as market makers are using their stop losses as liquidity for their longs.
What do you think is causing this recent BTC price increase?
Leave your comments below!
As always, feel free to leave a like to support posts like these.
-Shaggad