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Ceo of the hedge fund Working with cryptocurrency Three Arrows Capital Suu Zhu called the catalysts that have the ability to launch the next bitcoin bullran
Zhu believes that at the moment bitcoin is entering the field of accumulation, and the downward trend has no strength to continue. He noted that BTC had 7 red weeks in a row (a historical record), which means that we can say that sellers have run out of steam. Zhu also stressed the solid trading volumes during the collapse of the UST stablecoin, which may hint at a capitulation and the start of a trend reversal.
In addition, during the night trading hours, BTC shows amazing strength relative to stocks: for 7 days, the S&P500 fell by 4.5%, and bitcoin grew by almost 1%. Separately, Zhu noted the measuring current rate of BTC against the 200-day moving average indicator “Mayer Multiplier”. With it, you can determine the overbought or oversold nature of bitcoin. Now the indicator fluctuates at historical lows, that is, BTC is undervalued.
Zhu named 3 potential catalysts for bitcoin’s next rally:
- conference held in El Salvador with the participation of 44 central banks
- the possibility of using OPEC cryptocurrency in international payments
- placement of part of the funds in bitcoin by states focused on the export of commodities.
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