{"id":438401,"date":"2020-09-14T20:00:56","date_gmt":"2020-09-14T20:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=438401"},"modified":"2024-06-11T14:16:22","modified_gmt":"2024-06-11T14:16:22","slug":"how-does-the-next-chapter-in-the-tether-printing-story-unfold-for-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/how-does-the-next-chapter-in-the-tether-printing-story-unfold-for-bitcoin\/","title":{"rendered":"How Does The Next Chapter In The Tether Printing Story Unfold For Bitcoin"},"content":{"rendered":"

If Bitcoin reacts to the recent substantial printing of more Tether stablecoins the same as it has in the past, we may finally have a catalyst for the crypto asset retesting its former all-time high<\/a>.<\/p>\n

According to an ongoing correlation that suggests Bitcoin pumps with each new chapter of the Tether saga, the leading cryptocurrency by market cap’s story in 2020 could be capped off with a very happy ending.<\/p>\n

Will Bitcoin Explode In Price After Tether’s Market Cap Adds $5 Billion in Supply?<\/h2>\n

Crytocurrency investors are watching in wait for confirmation that the new bull market in Bitcoin is here. A bullish retest in progress<\/a> is the closest thing to a confirmation yet, and if it holds, the crypto market will gain some added momentum.<\/p>\n

However, another unexpected factor could help favor a bullish breakout and further upside in the leading cryptocurrency by market cap. The parent company behind Tether has just issued the largest boost to the asset’s market cap and supply<\/a> since the cryptocurrency traded below $4,000.<\/p>\n

Then, an over 100% increase in market cap appears to have sent Bitcoin soaring. Prior to the pump, pulling Tether from the market led to Bitcoin’s collapse to its bear market bottom.<\/p>\n

Related Reading | Early Bitcoin Investor Sees Parallels Between Now And 2016 Bull Breakout<\/a><\/strong><\/em><\/p>\n

Clearly, there’s a correlation between the crypto asset pump and dumping, and how much Tether is free-flowing in the market.<\/p>\n

Following the 2019 rally triggered thanks to the Tether printer moving full steam, several much smaller supply increases throughout 2020 have had a similar impact. Each new printing of fresh stablecoins, causes Bitcoin bulls to roar.<\/p>\n

But the latest boost to Tether’s market cap is the largest since the 2019 rally, which sent Bitcoin skyrocketing from $3,200 to $13,800. Could another similar rally be next?<\/p>\n

\"bitcoin<\/p>\n

BTCUSD Tether Market Cap Price Action Correlation Chart | Source: TradingView<\/a><\/pre>\n
Why Does Stablecoin Supply Seem To Influence Crypto Asset Valuations?<\/h2>\n
Price charts never lie, and there’s a definitive correlation between Tether supply and the top crypto asset’s price increasing.<\/p>\n
With each round of new USDT minted, bulls gain confidence and push prices higher. It is not quite clear why this correlation exists, but past claims of price manipulation<\/a> have never been proven.<\/p>\n
Related Reading | Bitcoin Reaches 144 Weeks From All-Time High: Why This Number Matters<\/a><\/strong><\/em><\/p>\n
More Tether seems to suggest that Bitcoin is ready for new bear market highs, potentially taking out targets at $14,000 where the last rejection took place or higher.<\/p>\n
If an over 100% increase in Tether supply in the past led to a 300% and $10,000 price increase in Bitcoin, an over 40% rise from current levels could take Bitcoin to over $14,000 and set a new bear market high.<\/p>\n
A higher-high on weekly and monthly timeframes<\/a> could be a significant signal to bulls that the bull market is starting, and it could provide the momentum needed to retest $20,000.<\/p>\n
The boost in Tether market supply also comes just as the asset reaches 144 weeks since its all-time high<\/a>, and is mid-testing former bear market downtrend resistance as support.<\/p>\n
Featured image from DepositPhotos, Charts from TradingView<\/pre>\n","protected":false},"excerpt":{"rendered":"
If Bitcoin reacts to the recent substantial printing of more Tether stablecoins the same as it has in the past, we may finally have a catalyst for the crypto asset retesting its former all-time high. According to an ongoing correlation that suggests Bitcoin pumps with each new chapter of the Tether saga, the leading cryptocurrency by market cap’s story in 2020 could be capped off with a very happy ending. Will Bitcoin Explode In Price After Tether’s Market Cap Adds $5 Billion in Supply? Crytocurrency investors are watching in wait for confirmation that the new bull market in Bitcoin is here. A bullish retest in progress is the closest thing to a confirmation yet, and if it holds, the crypto market will gain some added momentum. However, another unexpected factor could help favor a bullish breakout and further upside in the leading cryptocurrency by market cap. The parent company behind Tether has just issued the largest boost to the asset’s market cap and supply since the cryptocurrency traded below $4,000. Then, an over 100% increase in market cap appears to have sent Bitcoin soaring. Prior to the pump, pulling Tether from the market led to Bitcoin’s collapse to its bear market bottom. Related Reading | Early Bitcoin Investor Sees Parallels Between Now And 2016 Bull Breakout Clearly, there’s a correlation between the crypto asset pump and dumping, and how much Tether is free-flowing in the market. Following the 2019 rally triggered thanks to the Tether printer moving full steam, several much smaller supply increases throughout 2020 have had a similar impact. Each new printing of fresh stablecoins, causes Bitcoin bulls to roar. But the latest boost to Tether’s market cap is the largest since the 2019 rally, which sent Bitcoin skyrocketing from $3,200 to $13,800. Could another similar rally be next? BTCUSD Tether Market Cap Price Action Correlation Chart | Source: TradingView Why Does Stablecoin Supply Seem To Influence Crypto Asset Valuations? Price charts never lie, and there’s a definitive correlation between Tether supply and the top crypto asset’s price increasing. With each round of new USDT minted, bulls gain confidence and push prices higher. It is not quite clear why this correlation exists, but past claims of price manipulation have never been proven. Related Reading | Bitcoin Reaches 144 Weeks From All-Time High: Why This Number Matters More Tether seems to suggest that Bitcoin is ready for new bear market highs, potentially taking out targets at $14,000 where the last rejection took place or higher. If an over 100% increase in Tether supply in the past led to a 300% and $10,000 price increase in Bitcoin, an over 40% rise from current levels could take Bitcoin to over $14,000 and set a new bear market high. A higher-high on weekly and monthly timeframes could be a significant signal to bulls that the bull market is starting, and it could provide the momentum needed to retest $20,000. The boost in Tether market supply also comes just as the asset reaches 144 weeks since its all-time high, and is mid-testing former bear market downtrend resistance as support. Featured image from DepositPhotos, Charts from TradingView<\/p>\n","protected":false},"author":517,"featured_media":438412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-438401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nHow Does The Next Chapter In The Tether Printing Story Unfold For Bitcoin<\/title>\n<meta name=\"description\" content=\"If Bitcoin reacts to the recent substantial printing of more Tether stablecoins the same as it has in the past, we may finally have a catalyst for the\" \/>\n<meta name=\"robots\" content=\"index, follow, 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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\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. 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\u2019s 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\u2019s 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. 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