- Michael Saylor’s statement was consistent with what the Bitcoin MACD indicator showed.
- Tether Treasury coins $1 billion USDT without fees.
The founder and former CEO of Microstrategy, Michael Saylors tweet“According to my calculations, Bitcoin [BTC] goes up forever,” resonated strongly with the crypto community, fueling expectations for a bull run in 2024.
Saylor’s comments coincided with 60% of the top US hedge funds gaining exposure to Bitcoin in the first half of 2024. This surge in institutional interest has driven Bitcoin ETF prices and Bitcoin itself higher.
On the charts, Bitcoin has shown intent to move higher after breaking above the 4-hour resistance, while the 3-day chart shows a bullish double bottom with a significant engulfing candle, indicating strong upside momentum.
Source: Tardigrade/TradingView
Furthermore, the Bitcoin MACD indicator on the daily time frame started forming a bullish pattern five days ago and has now turned completely bullish.
The market is steadily moving towards a bullish convergence on the MACD, indicating potential upside momentum.
This shift in the MACD indicates a strengthening trend that could lead to further gains as more traders begin to notice this bullish signal.
Source: CryptoQuant
Tether Treasury mints another $1 billion USDT
Tether, which operates as the Federal Reserve for crypto, influences market trends when new USDT is minted. Tether Treasury has minted $1 billion USDT on TRON at no cost.
During the last Bitcoin correction, Tether’s printers were very active as a Whale Alert noted on
Source: Arkham
The continued minting of USDT is expected to drive Bitcoin prices higher in the coming bull market.
Strong accumulation as open interest rises
Bitcoin is in a strong accumulation phase, with Metaplanet buying 500 million yen ($3.4 million) worth of Bitcoin, increasing its holdings to 360,368 BTC like Karan Singh noted on X.
This move, along with rising institutional confidence, sent Metaplanet shares up 13%. Additional, Glassnode reports that the Bitcoin accumulation index has peaked at 1.0, indicating a surge in buying activity.
Source: Glassnode
Read Bitcoin’s [BTC] Price forecast 2024-25
Investors are accumulating more and more positions BTC open interest rises 5%, driven by leverage.
Source: CryptoQuant
Historically, leveraged pumps have often led to price reversals, although there is no guarantee this will happen again.