BTCUSD
There are several technical reasons to be bullish on Bitcoin right now, I talked about that in a previous analysis, where I also posted my Elliott Wave Count on Bitcoin, where I was and still are expecting Intermediate Wave 3 to take Bitcoin above $13,900 USD in the next couple of weeks.
But today I want to focus on the fundamental reasons why I’m crazy bullish on Bitcoin, and many other cryptocurrencies, like Ethereum, Ripple, Litecoin, Chainlink and many others.
And it is simple, there has been a $1.5 billion dollars of new USDT (Thether coins) being created in the last 7 days, that is a huge bump from the previous supply of $4.5 billion dollar worth of USDT, increasing it by a third to $6.0 billion dollars.
You can see that on the chart, also confirm it on coinmarketcap.com/currencies/tether/
Those USDT coins where created mainly for trading, and they will eventually find their way into the exchanges and be exchange for Bitcoin and other cryptocurrencies, pumping the price hard. How long will that take? If history tells us something, it should be no more than a few weeks.
Furthermore, if you look in the chart, Bitcoin seems to be following the creation or destruction of USDT coins, so, for Bitcoin to catch up with USDT supply, it will need to pump to about $17,000 USD soon.
Also, the Bitcoin Halving is coming in just 37 days, www.bitcoinblockhalf.com/ , which could be a positive event for Bitcoin, as it has been in the past.
And, they found a medicine, Ivermectina, in Australia, that kills Coronavirus in just 48 hours: www.marca.com/claro-...a47414b668b460b.html
I mean, come on, what flavor do you want your ice-cream?
Of-course I can not rule out a short-term correction, but, mid-term, the next 6 to 8 weeks, it looks super bullish to me. I can even see it climbing to $25,000 USD or even $30,000 USD. I don’t know, will see. The fundamentals are certainly there.
You can even buy the BULL/USD token that trades on: FTX: ftx.com/ , that pays you a 3X return on Bitcoin vs USD.
Good Luck in Your Decisions
Time to buy or you are going to missed out.
Cheers