Massive Pump For Bitcoin Is Coming Before Altcoin Season, Says Analyst Tyler Swope
Top trader Tyler Swope from Chico Crypto shares with his subscribers 2 major bullish factors that are going to ignite another rally of Bitcoin (BTC).
In terms of price movement, after the fall from $42.5k last week, BTC double bounced off of 37.5k support, and after the second bounce, things turned bullish for the weekend. From that support all the way up to $46, marking a 22% increase over the course of less than 5 days.
“Short term the markets are looking HOT as Bitcoin is back to a price level we haven’t seen since the middle of May,”
The first reason for BTC bullish perspective is the news that Tether attests and prints $1 Billion. “Whenever the Tether printer goes, the markets always pump!”
According to the trader, Tether USDT putting out a solid attestation of their reserves. The attestation broke down their current reserves, including over $30.8 billion is in commercial paper and certificates of deposit; over $6.2 billion is in Cash & Bank Deposits; just over $1 billion in reserve repo notes; $15 billion in treasury, bills; over $2.5 billion in secured loans, $over 4.8 billion in Corporate Bonds, Funds & Precious Metals & finally just over $2 billion in other investments, which includes digital tokens!
He points out that the last time Tether attested in May, Bitcoin’s price has bounced back and pumped 20%.
Another bullish reason is that USDC builder Circle says it will to become a national full-reserve digital currency bank.
In particular, the CEO of Circles reports that in the coming years, they anticipate that USDC will grow into hundreds of billions of dollars in circulation, continue to support trillions of dollars in low-friction, high-trust economic activity and become widely used in financial services and internet commerce applications.
“Stablecoins like USDC have long been an important part of the crypto economy, allowing traders to move into and out of positions without having to revert to fiat currency. But they are also taking on growing importance in the conventional banking system, allowing for a cheap and efficient way to carry out large money transfers.”