There are all kinds of optimistic crypto predictions these days, and the latest one involves Bitcoin. At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $23,292. Check out he new prediction about Bitcoin coming from the crypto analytics firm Santiment.
Santiment about Bitcoin
Crypto analytics firm Santiment said the fact that the dwindling supply of stablecoins may be a sign that a massive Bitcoin (BTC) breakout is on the horizon.
According to the market intelligence firm, the circulating supply of Tether (USDT) and USD Coin (USDC), the two biggest stablecoins by market cap, has been dramatically decreasing since May 2022.
Santiment also made sure to highlight the fact that the volume of these two assets continues to decline even as the price of Bitcoin rises, which in the past has foreshadowed parabolic BTC rallies, specifically in July 2021 right before the king crypto went from the $29,000 level all the way to $69,000.
“Stablecoin circulation kept going down even on a growing market. We might say that [the] first significant growth happened on a decreasing circulation. Stablecoins tried to heat up strongly, but no, the market didn’t go up.”
The same crypto firm also stated this:
“The best pattern could be [stablecoins] still decreasing [during a] recovering market. Like nowadays. When stablecoins don’t believe in recovery yet, preferring to wait. We’re probably witnessing the same as July 2021 now, at least on two stablecoins.”
They also said that Bitcoin’s price is finally in line with its valuation.
Bitcoin rally incoming
A trio of popular crypto analysts believes Bitcoin (BTC) is due to break out this week, but they all say the rally won’t likely happen in a straight line.
Pseudonymous crypto strategist Credible followers that he sees Bitcoin finally breaking out of its immediate resistance at $25,000, but only after BTC revisits support near $22,000.