Bitcoin (BTC) price has broken free of its recent consolidation phase, surpassing the $60,000 mark and setting its sights on the crucial resistance levels needed to propel the cryptocurrency to new all-time highs (ATH).
This surge comes amid an emerging bull run in the world’s largest digital asset. However, the key to continuing this breakout is the influential role of the largest stablecoin, Tether (USDT), in the crypto ecosystem.
Can USDT mining push Bitcoin past $73,700?
According to technical analysts such as Doctor Profit, the continued minting of USDT by its issuer could be the decisive factor that will push Bitcoin to surpass its previous record high of $73,700, reached in March this year.
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recently social media postsDoctor Profit highlighted the importance of Tether’s movements in the current Bitcoin price dynamics.
Despite Bitcoin consolidating below $60,000 over the past 48 hours, Doctor Profit notes that Tether has continued to print more USDT, with its market capitalization increasing by 13.6% since Bitcoin. All-time high in March.
“Typically, Tether market cap needs to fall in a bearish trend or strong correction,” Dr. Profit said. “However, this move signals that Tether has been printing massive volumes during this sideways period for the next leg up. We now have $15 billion worth of USDT that has not yet been put into the markets.”
The analyst further noted that just today, an additional $1 billion was invested in USDT. MoldedThis shows that the crypto market is ignoring this “bullish fact.” Doctor Profit concluded that Tether will ultimately “decide when to send BTC to a new ATH.”
Inflation and the CME gap
Reiterating this bullish analysis, crypto analyst Ali Martinez also said Bitcoin forms a symmetrical triangle pattern on the lower timeframe.
According According to Martinez, a daily close outside the $59,000 range could see BTC surge by up to 4.8% over the last 48 hours. Currently, BTC is trading at $61,350, having risen by only 2.8% in the last hours of Tuesday’s trading session.
Adding to the bullish momentum, the latest producer price index (PPI) data Inflation in the United States has been lower than expected, indicating that inflationary pressures may be more subdued than expected.
This, in turn, could influence the Federal Reserve’s decisions on interest rates, potentially resulting in interest rate cuts Which could ultimately benefit crypto assets.
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Another analyst, Rekt Capital, is also optimistic about Bitcoin’s recent price activity, Points to note The cryptocurrency’s most recent rebound has allowed it to refill the CME gaps that previously existed between $59,400 and $62,550.
Rekt believes that building a support base within these CME gaps is crucial to establishing a bullish directional bias. It remains to be seen if these bullish signals can be sustained in the coming days and how high the price of BTC can go.
Featured image via DALL-E, chart via TradingView.com
