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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Stablescoins Act As “Rocket Fuel,” Propels Bitcoin To Another ATH

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
bitcoin stablecoins rocketfuel

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Bitcoin today blasted through local resistance and set an all-time high price record. The powerful move came after a short-lived drop downward yesterday, providing enough short-sellers to pose as fuel to push prices higher.

What also contributed to the “rocket fuel” was a sudden increase of stablecoins, which whales are finally taking full advantage of according to a crypto quant analyst. Here’s a look at the correlation between stablecoins, and the top cryptocurrency skyrocketing soon after.

Whales Utilize Stablecoins As Rocket Fuel To Squeeze Short Sellers

After Bitcoin broke the previous high earlier this week on the heels of news that green car maker Tesla had purchased $1.5 billion BTC, the cryptocurrency failed to continue higher the following day. An indecision candle followed by a sharp drop to retest lows, baited bears with the appearance of a evening star pattern.

Related Reading | Bitcoin Overtakes Russian Ruble, Inches Closer To Top Ten Global Currencies

Bulls were able to prevent the pattern from fully forming, stopping the candle short of the 50% engulfing requirement. The pattern and minor pullback was enough to lure bears in a trap, and this morning short sellers were squeeze and Bitcoin blasted through resistance to set yet another new high.

Coinciding with the rise, was a sizable uptick in stablecoin transactions that one cryptocurrency quant analyst says was used as “rocket fuel” by whales to pump BTC prices even higher.

Stablecoin transactions were buzzing ahead of the rally  | Source: CryptoQuant

$50,000 Bitcoin Is Next, But Will Tether Eventually Implode?

According to CryptoQaunt CEO Ki Young Ju, Bitcoin is on its way to $50,000 per coin after whales have started revving the engines using stablecoins as “rocket fuel.”

Increases in the supply and activity of stablecoins have long coincided with cryptocurrency market uptrends. The few times Tethers have been pulled from the market, the rug was also pulled on investors.

bitcoin versus tether

The only time Tether's were pulled, Bitcoin plummeted | Source: BTCUSD on TradingView.com

But since the bottom put in around 2018, the stablecoin supply has been on a steady rise. Stablecoins represent real capital entering the crypto market.

Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

Despite the name “stablecoin” the leading dollar-backed token, Tether, is still the subject of extreme controversy. There’s still a large camp that believes that most of the USDT in circulation isn’t actually backed, and could be a black swan that could ultimately take down the crypto market.

The claim has never been proven, and thanks to the growth in newer stablecoins like USDC, Tether might not be the leader for long. Could 2021 be the year the Tether saga comes to a conclusion one way or another?

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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