Bitcoin Races To $8,000 In Market Rally – Signs Of Accumulation
The crypto market looks excellent today with all important coins trading in the green. There’s a market breakout, and analysts say that we should be watching a few things these days.
Analysts are excited about the current market rally, which is taking Bitcoin, Ethereum, XRP, and the other coins ahead.
It’s been revealed that the CEO of crypto hedge fund Three Arrows Capital said that BTC seems to be well-positioned for an important breakout this month. It seems that we’re already in the middle of this breakout.
Clear signs of accumulation
Su Zhu said that BTC’s recent price action shows that there are clear signs of accumulation.
Zhu said that Bitcoin’s pair with the stablecoin USDT is priced at a premium when it’s compared to BTC’s paired with the US dollar.
He believes that this is a sign that points out the fact that traders are entering the market.
Crypto data firm LongHash, USDT premiums may signal that a rise in the price of BTC is on the horizon.
“…A large positive USDT price premium trends to signal a coming rise in the price of the Bitcoin. Meanwhile, a negative price premium may signal a fall in Bitcoin prices,” according to official data.
BTC/USDT premiums and price action show clear signs of accumulation and money flow back into risk.
Would not surprise me to see 9K+ before end of Jan.
— Su Zhu (@zhusu) December 28, 2019
The firm continues and says that “Bitcoin prices are difficult to predict, but if you are inclined to try, USDT price premiums are one more factor that you may want to take into account.”
Bitcoin races to $8,000
The sudden crypto market turnaround is analyzed by experts.
At the moment of writing this article, BTC is trading in the green and the most important coin in the market is priced at $7,914.07.
2020 kicked off great in terms of prices and also regarding crypto predictions.
There are massive developments expected to take place this year that will boost the crypto industry.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.