The 12% Bitcoin rally during the week and a climb to the relevant flow of funds exchanged funds had analysts thinking it could reach $ 100,000, but a crypto analyst stated in the hope of hope as a key indicator still provides mixed signals.
“Since our Stablecoin Minting Indicator has not yet returned to high -activity levels, we remain careful about maintaining the current Bitcoin rally,” 10x Research Head of Research Markus Thielen Says In an April 23 Markets report.
The absence of stablecoin may limit bitcoin
Thielen explained that a measured transition from the falling wedge pattern, which entrepreneurs see as a potential bullish reversal signal, shows that bitcoin (Btc) Can get $ 99,000.
He added, however, that “the lack of strong Stablecoin flow raises questions about follow-through.”
Bitcoin traded at $ 93,133 at the time of writing, up to 11.42% in the past seven days, According to In coinmarketcap.
Thielen told Cointelegraph that Stablecoin was flowing “tend to relate strong money, while an increase in futures leverage may mean fast entrepreneurs are taking advantage of a quick move.”
Spot bitcoin ETF Inflows surge, a real “demand-led rally”
It came as a spot Bitcoin ETF in the US posted the outflow of $ 912.7 million on April 22, the highest level since January 17, According to to the data away.
SwyftX lead analyst Pav Hundal told Cointelegraph that the outflows suggest that “this is a true, demanding rally. Not just a hot flash of excited traders who are moving prices.
“If the news titles finally keep quiet, we can break new highs earlier than everyone thinks. A quick track at $ 100,000 looks like possible, but things change quickly in a Trump presidency.”
Thielen said if uncertainty continued to decrease, “An additional acceleration may provide the liquidity needed to support a longer rally.”
Related: Bitcoin risk 10% -15% BTC price dip after key rejection near $ 89k
The crypto market has experienced volatility and broader financial market since US president Donald Trump imposed tariffs in early February.
However Trump’s recent comments have businessmen who think he’s Softens his stance in the trade warIncludes some who see it as bullish for markets.
Thielen said the $ 95,000 price level is a major level of resistance for Bitcoin and a “potential trigger point for short apostasy.”
He said it could push the price of bitcoin higher if the market strength continued.
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