Tether Fires Up the Bitcoin Rally Engine According to Top Analyst – Here’s His BTC Outlook

Popular cryptocurrency analyst Crypto Rover examines the potential impact of recent Tether (USDT) printing on Bitcoin in his latest YouTube video.

Over the past 48 hours, Tether has printed over $2 billion worth of USDT stablecoins. As Crypto Rover highlights, “Tether printed more than 2 billion US dollars in the past 48 hours, and we exactly know what it does to Bitcoin.” Tether printing has preceded major Bitcoin price rallies in the past. With fresh capital entering the market, Bitcoin’s price could be poised for its next leg up.

In his market analysis, Crypto Rover points to the CME gap above Bitcoin’s current trading range as a potential upside target. “Right now, we have created the CME close price around 37.5k, while in fact, Bitcoin is trading below it, creating a CME gap towards the upside,” he notes.

Despite declining open interest after a local top, Bitcoin has continued climbing higher. “The open interest on Bitcoin really got wiped out, but Bitcoin is still managing to creep up higher, which means there is a lot of interest in the market to be buying more Bitcoin,” says Crypto Rover. Holding firmly above $37,000 is also a positive sign of buying demand.

Meanwhile, very negative funding rates suggest an overheated derivatives market, with excessive leverage from long positions. “The funding rates remain to be very negative, basically meaning that people are overly trading Bitcoin long at this exact moment,” Crypto Rover comments.

From a technical perspective, Crypto Rover highlights a symmetrical triangle formation on the 4-hour chart that could break out upwards. “Bitcoin is creating that 4-hour symmetrical triangle and breaking outside of this pattern towards the upside,” he remarks.

If Bitcoin confirms this bullish technical breakout, Crypto Rover’s analysis indicates the rally could continue towards new highs. “We’re currently still hanging around the price target that we’ve already reached,” he concludes.

We recommend eToro

74% of retail CFD accounts lose money.
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com


Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!