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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Tether (USDT) Promotion, Bitcoin (BTC) Likely to Print Higher

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read

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  • Bitcoin (BTC) in an uptrend but down 4.3 percent
  • Tether’s reserve low and the peg isn’t 1:1 against the USD

It is now emerging that USDT’s reserves don’t tally with what’s in circulation. That means Tether Limited is lying and investors may flock to safety driving Bitcoin prices up. At the moment, BTC is down 4.3 percent from last week’s close.

Bitcoin Price Analysis

Fundamentals

Because of all the drama, investors are reluctant. However, that is not to say they are bearish. While there is a tinge of bearish sentiment, technical and other fundamental factors support Bitcoin bulls. Expanding that and realizing that Bitcoin has a positive correlation with the altcoin market, it is easy to conclude that the market, in general, is recovering.

If anything, a combination of fundamental reasons may spur the next wave of higher highs above important resistance lines. Presently, BitFinex and Tether may be a systemic risk or blessing. With the admission that Tether Limited has no reserves to back the stable coin 100 percent, investors may decide to liquidate their stable coin and convert them to Bitcoin, alternative currencies like PAX, or fiat en mass, heaping pressure on USDT but supporting BTC.

On the other hand, the market may collapse if the NY OAG decides to impose hefty fines on BitFinex for their fraudulent activities. Zoe Phillips, of law firm Morgan Lewis, delivered the bombshell saying collaborated by BitFinex counsel:

“Tether’s reserves of cash and cash equivalents alone (without the line of credit) would cover approximately 74 percent of the outstanding amount of tether.”

Candlestick Arrangement

Bitcoin BTC

At the time of press, Bitcoin (BTC) is dominant, controlling 54 percent of crypto trading. Nonetheless, it is stable, down 4.3 percent in the last week. Although we are bullish on the asset, it is imperative that bulls muster enough momentum to drive prices above $5,500, in a trend continuation phase.

That means reversing loses of Apr-25, ideally with high transaction volumes, and confirming buyers of Apr-2. By doing so, Bitcoin would be free from a temporary consolidation.

On the other hand, should there be lower lows countering yesterday’s upswings then it is likely that bears of Apr-25—which is wide-ranging with high participation levels—would drive prices below $4950 invalidating our short-term stance. As a result, it is Bitcoin (BTC) may drop to $4,500 in line with our last BTC/USD trade plan.

Technical Indicators

From above, Apr-25 with 18k against 10k volumes is our reference bar. The initial trend is bullish, but the bar is bearish with tepid bulls. Any drop below $4,950 or surge past $5,600 should be with high participation exceeding 18k of Apr-25 or 38k of Apr-2.

Chart courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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