Bitcoiners should be cautious over rally as stablecoin indicator lags: Analyst
Despite spot Bitcoin ETFs recording over $900 million in inflows on April 22, one analyst warns Bitcoiners to stay cautious amid the ongoing rally.
Bitcoins 12% rally over the week and a surge in related exchange-traded fund inflows have analysts thinking it could soon reach $100,000, but one crypto analyst has said to temper hopes as a key indicator is still giving mixed signals.
Given that our stablecoin minting indicator has yet to return to high-activity levels, we remain cautious about the sustainability of the current Bitcoin rally, 10x Research head of research Markus Thielen said in an April 23 markets report.
Thielen explained that a measured move from the falling wedge pattern, which traders perceive as a potential bullish reversal signal, shows that Bitcoin (BTC) may reclaim $99,000.
The post Bitcoiners should be cautious over rally as stablecoin indicator lags: Analyst first appeared on CurrencyCrypt.
Text source: CurrencyCrypt
