ZhuSu, founder of Three Arrows Capital, posted on his social networking site that there are some signs that BTC 0.49%-news/">Bitcoin is re-entering the accumulation range.
Its indications are as follows:
Advertisements
- Bitcoin’s decline in the past seven weeks is the largest in history.
- During the period when LFG liquidated 80,000 Bitcoins and the Bitcoin price fell to $26,000, the largest spot and derivatives trading volume occurred in the past year.
- Bitcoin is stronger than the overnight stock market.
- The Mayer multiple is at a low level.
- Bitcoin is stronger in Asian trading hours than in US trading hours. In addition, Canadian ETFs bought 7,000 Bitcoins at low levels, Tether’s FUD, Bitfinex hit an all-time high, and people started shorting Bitcoin to hedge over-the-counter trades.
These are also evidences of the above conclusion. At the same time, some potential white swan events may occur in the market, including: El Salvador will hold a meeting of the 44 central banks, OPEC or adopt Bitcoin for international payments, and sovereign wealth funds allocate assets according to thesis-driven.
DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.