Either BTC is about to rip higher or the Tether printing correlation has broke down...
Something very interesting is happening right now in crypto land.
The tether printing machine is going brrrrrr and yet bitcoin isn't really budging.
That may not sound like that big of a deal to you, but historically, there has been a very interesting correlation between new tether being created and the price of bitcoin.
Specifically, new tether gets created and shortly after the price of bitcoin takes off.
Check it out:
Do you see the correlations there?
So, what does this mean?
Well, if you look at the chart above you can see a very interesting correlation between new tethers being created and the price of bitcoin.
And then if you look the far right side of the chart you see something very interesting...
A massive increase in the supply of tethers, yet bitcoin hasn't really budged, at least not yet.
In fact this latest increase was the largest increase of tether ever...
Hmm... I wonder what that might mean for the price of bitcoin.
More people than ever are hiding out and moving money via tether that want nothing to do with bitcoin so there is that, but that historical pattern is undeniable.
Just based on the above data, I would not be surprised to see bitcoin shoot up in the very near future.
Stay informed my friends.
Posted Using LeoFinance