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“Bitcoin has traded in a symmetrical triangle formation last month,” he noted. “Based on some historical analysis, 75% of triangle patterns will see continuation patterns and higher prices.” “Other bullish arguments are that the US government’s debt still explodes, both presidential candidates will continue to spend, and that US election years tend to be blockbuster years for Bitcoin,” he added. “With gold making new all-time highs almost every day, so should Bitcoin. As the Fed keeps rates higher for longer, the USD will likely remain strong, and this will cause EM currency devaluation – cryptocurrencies denominated in USD offer a solution.
“During the last 30 days, we have seen the ETFs register around $5bn of net inflows, while Tether has minted $6.9bn, and Circle has minted around $3bn—together, $10bn of new money coming through the stablecoin door,” he said. “While Bitcoin ETF flows have dictated the media attention, the minting from stablecoins is twice as large and might be long-only exposure, contrary to the ETFs.”
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