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CryptoQuant researcher Crypto Dan today made assessments regarding the price of Bitcoin. The well-known analyst believes that Bitcoin‘s $70,000 threshold will not be maintained in the near future. Crypto Dan expressed this opinion after observing recent inflows into the crypto market, noting that the liquidity influx is not only for Bitcoin but also for altcoins.
Increasing Demand for Stablecoins
Especially with CryptoQuant’s update, the presented chart shows that the demand for stablecoins has gradually risen to levels observed in 2021. This trend was highlighted by the leading stablecoin provider Tether’s recent injection of $2 billion worth of USDT into the crypto market, despite the fact that Tether had already minted $1 billion worth of stablecoins five days prior.
According to Dan, this increase in stablecoin supply could be indicating a growing demand for purchasing Bitcoin and other cryptocurrencies, which he views as a positive market sentiment.
Similarly, Dan highlighted the determined efforts of Bitcoin bulls to surpass the $70,000 barrier and maintain stability at this level. Notably, he mentioned that Bitcoin exceeded $72,000 for the first time in history yesterday, demonstrating the success of these efforts.
Bitcoin May Sustain Above $70,000
The CryptoQuant researcher observed that with Bitcoin bulls consistently overcoming the resistance of bearish forces, it’s only a matter of time before Bitcoin sets a new benchmark beyond its all-time high.
CryptoQuant’s founder and CEO Ki Young Ju also echoed a similar sentiment, stating that as long as the inflow into spot Bitcoin ETFs continues, Bitcoin bears will not prevail. According to this comment, we can say that Bitcoin will now make the area above $70,000 its new shelter. As long as BTC stays above the $70,000 level, investors will have greater expectations of a rise and hope for new records to be broken.
The flagship cryptocurrency Bitcoin’s price was moving very quickly while writing this article. BTC first reached $73,000, setting a new record. BTC then quickly retreated to around $70,800 within minutes. BTC is trading very close to $72,000 at the time of writing. The price is at $71,918.
