Bitcoin has been unstoppable over resistance in recent weeks and has managed to climb up to $ 10,000. Even though BTC has achieved over 20% returns in a short period of time, it may be much more difficult to know the rise in advance and jump on the train than expected.
Brian Quinlivan, a representative of a leading cryptocurrency analytics firm, said that BTC is a method that can predict movements. Quinlivan, social media manager of Santiment, thinks that the amount of Tether in BTC and exchanges should be examined.
Tether and Bitcoin Relationship
He thinks that when investors are done with USDT, they do not withdraw from exchanges or transfer them to fiat-based platforms. According to the famous name, when investors do not use USDT, they mostly convert it to BTC. According to Quinlivan, the way to predict the price movement of BTC is to determine exactly this USDT movement. The manager always thinks that USDT transfers took place 1-2 days before BTC took action and investors flocked to BTC.
Indeed, looking at the above chart, it can be seen that the price of BTC, which is shown in green, has been rising with the increase in the total amount of USDT in the stock exchanges and decreasing with the decrease. According to the famous name, this linear relationship first emerged in the year when Tether was launched and may continue in the coming years.