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  • Bitcoin Indicator Signals Imminent BTC Breakout to $9,000, Says Hedge Fund CEO Su Zhu

Bitcoin Indicator Signals Imminent BTC Breakout to $9,000, Says Hedge Fund CEO Su Zhu

January 06, 2020

The CEO of the cryptocurrency hedge fund Three Arrows Capital says Bitcoin appears to be well-positioned for a significant breakout this month.

Su Zhu says BTC’s recent price action shows clear signs of accumulation.

In addition, Zhu says Bitcoin’s pair with the stablecoin USDT is priced at a premium when compared to BTC’s pair with the US dollar, which he believes is a sign that traders are entering the market.

https://twitter.com/zhusu/status/1210797269194166272

According to the crypto data firm LongHash, USDT premiums may signal that a rise in the price of BTC is on the horizon.

“…A large positive USDT price premium trends to signal a coming rise in the price of the Bitcoin. Meanwhile, a negative price premium may signal a fall in Bitcoin prices.

Bitcoin prices are difficult to predict, but if you are inclined to try, USDT price premiums are one more factor that you may want to take into account.”

Analyst Willy Woo of Adaptive Capital says he also believes BTC is in an accumulation phase. He’s expecting a long-term rally to begin this month.

But not all analysts are on the same page. Strategist and steadfast Bitcoin bear Tone Vays says he remains convinced that Bitcoin is likely to fall to $5,000 or lower in the first few months of 2020.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.