Crypto money data analysis platform Santiment answered the question of “Will Bitcoin rise” for the leading coin, which has dropped more than 10% in the last 24 hours, from a different perspective. With a chart he shared, Santiment suggested that Tether (USDT) data should also be considered for a possible Bitcoin rise.
Offering on-chain information and graphs about more than 900 cryptocurrencies, Santiment discussed with a different perspective when the waters of 19 thousand dollars can be seen again after the decline of Bitcoin. Bitcoin price has dropped more than 10% in the last 24 hours. BTC, which declined by $ 17,000 with the first decline, fell to $ 16,500 during the day. Bitcoin price is currently trading at around $ 17,100.
“Take a look at the USDT supply to see if Bitcoin will rise”
The question of whether there will be a rise on the horizon for BTC, which turned upside down while counting down to the record, began to poke investors. The cryptocurrency data platform Santiment has suggested that whether Bitcoin will become $ 19,000 again or not may be parallel to Tether (USDT) data.
According to the post posted by Santiment on Twitter; It has been claimed that the possible rise of Bitcoin again to the level of $ 19,000 and above will coincide with the decrease in the USDT reserve in the exchanges. According to Sentiment, the state of Tether supply in cryptocurrency exchanges can be thought of as a signal to make reliable gains for BTC. The leading cryptocurrency data analysis platform also shared a chart to support their explanations.
Why would the supply of USDT affect Bitcoin in stock exchanges?
While the fixedcoin market has become a multi-billion dollar market, many crypto investors have now started trading on USDT pairs. The USDT supply in the exchanges can therefore give a clue to the direction of the Bitcoin price.
According to Santiment’s statement, the low amount of USDT in the stock exchanges may indicate that investors are starting to switch from USDT to Bitcoin, in other words, the demand for BTC is growing. In response, the proliferation of USDT supply in exchanges could mean that people started selling BTC in exchange for USDT.