"There is no faith in USD because it's not backed by gold, but there is faith in Tether, which is not even proven to be backed by USD." Anyhow, the only chart you need to understand is Tether's effect on Bitcoin, as seen on the chart of Tethers issued vs. Bitcoin price: This year, Tether went from under 5 billion issued to over 20 billions, while BTC's price followed it from 5 K to 24K. Anytime when tethers aren't issued by the billions the BTC chart goes either flat or dropping. You can see it between late 2018 and early 2019 the best. Furthermore: https://www.bloomberg.com/news/arti...orrelate-with-tether-issuance-researcher-says
Looks to me like teether had nothing to do with the first bull run, since more teether was made after the bull run. Then after the bull run, Bitcoin plummets while more teether is still being made. That chart goes completely against everything you just said. Even that little mini rally in 2019 started before more teether was even created. Did you look at the chart you posted? lol
Is it similar to Fed QE actions and the markets go up? As traders and investors, we just gotta accept these gifts and profit from them.
I hope he is right, because it would make my job easier if I could just keep track of the teether printing. But the chart that was posted doesn't really tell us anything because it's inconsistent. However if Teether really does affect the Bitcoin price then according to the chart (posted above) we should see a huge ass rally, according to Pekelo.
The Tether printing is due to deposits of big investors wanting to get them bitcoins I think we'll be above $30K soon. The bears got lucky that GBTC temporarily stopped accepting new investors, but make no mistake, bitcoins are being accumulated extensively, PayPal, Square, and there's a supply crisis of available bitcoins from exchanges. Buy bitcoins now before it's too late (*not financial advice) https://cointelegraph.com/news/500m...ase-as-institutions-buy-more-than-miners-sell https://cryptobriefing.com/grayscale-halts-institutional-bitcoin-ethereum/ https://bitcoinist.com/wall-street-accumulation-of-bitcoin-continues-despite-consolidation/
Good thing it's not financial advice, the horse has bolted, wait awhile until it returns to the barn.
I think the news of xrp being sued by the sec had some effect on the market, plus a needed correction. It's just not smart to short Bitcoin right now in a bullish market. There's really no telling how high it can go, and if that teether chart is right, it will go to at least to 40k