The stable coin tether has issued 100 million tethers (USDT) this year. Famous cryptocurrency analyst FilbFilb made a bullish expectation on Bitcoin following the increased issuance of tethers, which are said to have an impact on Bitcoin prices.
Three Bitcoin scenarios,
There are at least three scenarios for the future of Bitcoin, which will continue to adjust from the highest of $ 13,800 this year.
One is a bearish scenario where Bitcoin falls from $ 7500 to $ 8500 from the gap in the Chicago Futures Market (CME). The second is expected to stay in the range of $ 9000 to $ 12,000 for a while, and the third is that the parabolic decline is only a temporary phenomenon. This scenario is expected to rise to over $ 3,500.
According to cryptocurrency analyst FlibFlib, there is a gap of about 32 days between the price of Bitcoin and the market capitalization of the tether.
According to FlibFlib, the correlation coefficient between tether and bitcoin is 0.89. Bitcoin should be in the vicinity at $ 20,000, taking into account the tether market capitalization and the 32-day gap. FlibFlib entered the formula as follows.
However, FlibFlib added the following four notes.
The tether/bitcoin analysis relies only on 236 days of data, and the correlation does not indicate causality
Like other stable coins, tethers can be burned at any time.
You can always reprint the tether. USDT is not a representative of all stable coins, there are other uses besides purchasing bitcoins.
If the market capitalization of Bitcoin continues to increase, the need to recalculate will emerge.
However, FlibFlib claims that it doesn’t want to predict $ 20,000 at the moment. Considering the amount of tether issued, there is only “ statistical evidence ” that the price of bitcoin is proceeding in the direction of 20,000 dollars, “ There is a premise that if the tether is used like that ” he Added.