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Crypto investors closely followed an analyst who issued a significant warning before the recent surge. At the time of writing, the king of cryptocurrencies is above $63,600. Investors remain cautious, hoping to maintain and increase these gains in daily and weekly closures.
Cryptocurrencies
BTC rose by 6%, and ETH price is above $3,436. The SEC has reportedly approved the listing of a spot ETH ETF for next Tuesday. The rise in ETH price coincided with comments from Bloomberg ETF analyst Eric. Positive news included Trump’s shooting incident, the end of BTC sales in Germany, and Trump selecting a crypto-friendly Senator as Vice President.
BTC’s price, which increased by nearly $10,000 from the bottom, disappointed those who turned higher levels into short-selling opportunities. It’s uncertain if the continuous rise will persist, but if it does, significant short positions will be liquidated, causing bears to suffer for a while.
Crypto Analyst’s Comments
Turning to the analyst’s assessment, he highlighted USDC’s market dominance. It’s a useful indicator for tracking cash flow into cryptocurrencies. The comment made before this rise mentioned that we are at a significant breaking point that occurs approximately every four years. Meanwhile, Tether minted another 1 billion USDT at the time of writing.
TechDev wrote:
“Crypto dominance against USDT.
Among all cyclical bull markets, this is the first macro break and retest.
Historical setup.
The chart suggests previous attempts might have been rehearsals.”
The analyst, who believed BTC is currently in a “bear trap” phase where “overvaluation concerns and early fears of the cycle ending” are pulling prices down, shared his comment before this rise.
According to the analyst, global liquidity is the main price catalyst for BTC, and it favors cryptocurrencies.
“Global Liquidity <-> Bitcoin.
3.75 Years. The next Tweet will be at an all-time high.”
