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Crypto veteran Su Zhu, the CEO of crypto hedge fund Three Arrows Capital, says Bitcoin BTC/USD is entering an accumulation range.
According to Zhu, three potential catalysts could trigger a new Bitcoin bull market. They are:
1) El Salvador conference of 44 central banks 2) OPEC to use in international payments 3) Commodity nation sovereign wealth to conduct thesis-driven allocations.
Also Read: Why Shark Tank’s Kevin O’Leary Remains Bullish On Bitcoin, But Expects More Volatility
He says the Bitcoin has had seven red weeks in a row, the most in its entire history, indicating seller exhaustion.
Zhu also believes the trading volume during the collapse of Terra LUNA/USD could signal capitulation and the beginning of a trend change.
He says that BTC is in a re-accumulation phase as it is showing unusual strength against equities markets during overnight hours.
Interestingly, the S&P500 was down 2.78% last week, while Bitcoin fell by only 0.4%.
Zhu indicates that that Mayer Multiple is hovering at historic lows, suggesting that BTC is undervalued.
At the time of writing, Bitcoin was trading at $29,774, according to Benzinga Pro.
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Sources 2/ https://www.benzinga.com/markets/cryptocurrency/22/05/27339698/this-crypto-veteran-lists-potential-catalysts-that-could-push-bitcoin-market The mention sources can contact us to remove/changing this article |
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