Although bitcoin backtracked a little after coming 4% far from $50,000, a widely known indication has actually suggested that the cryptocurrency could top that level soon. This prediction is based upon the escalating quantities of stablecoins deposited to centralized exchanges in the past 24 hours.
Bitcoin To Top $50K Soon?
CryptoPotato reported the ongoing trend in the cryptocurrency markets initiated by Tesla’s purchase of $1.5 billion in bitcoin. Naturally, such a massive statement triggered an instantaneous reaction for the BTC price, which rose from $39,000 to a new all-time high of over $48,000 in less than a day.
Bitcoin has backtracked a little given that its record and currently hovers above $47,000. However, CryptoQuant data, provided by the company CEO Ki Young Ju, recommends that the property could be primed for another breakout into uncharted territory.
Ju described the “stablecoins deposit signal” for his rate prediction. The sign follows the number of deposit wallets in all kinds of stablecoins streaming into all exchanges by block. If the metric goes above 80, the cost will “most likely be a short-term bullish like 1-5%.”