Bitcoin

One bitcoin trader shares 7 bullish reasons why bitcoin price is above $ 12,000

The abandonment of correlating with traditional markets through the price of Bitcoin (BTC) will be the “biggest news” in its history If it continues like this, says a popular analyst.

In one Series of tweets on October 21st, Cole highlighted Garner The decoupling of the bitcoin market as one of the factors driving up the price of bitcoin.

Garner: The decoupling will be the “biggest news” in the history of cryptocurrency

Garner retweeted a table with the prices for Bitcoin, Gold, SP 500 and Ether (ETH) Bitcoin acts on its own and delivers positive returns while other assets stall.

One bitcoin trader shares 7 bullish reasons why bitcoin price is above $ 12,000
One bitcoin trader shares 7 bullish reasons why bitcoin price is above $ 12,000

The graphics were originated by Eric Wall, CIO of the Crypto Hedge Fund Arcane Assets, the described the trend as “unusual”.

“”The correlation of the Bitcoin price with the traditional markets seems to separate. If this continues in the coming weeks, this will be all the big news in cryptocurrency history.“Garner commented.

Bitcoin (orange) vs. Gold, SP 500 and Ethereum. Source: Eric Wall / Twitter

Bitcoin price previously showed a long-term correlation with the SP 500 in particular also form a close relationship with gold in the months following the March coronavirus price drop caused by the pandemic.

Others have previously noticed the now bearish trend, including statistics Willy Woo, who predicted in September that he would carry on.

“Clear Skies” Over $ 12,000 Resistance

Garner was also enthusiastic about the “unbelievably neutral” financing rate of the constant exchange on stock exchanges.

Despite Bitcoin’s recent gains topping $ 12,000, The funding rate suggests support for long positions at the expense of short positions, an encouraging sign of further upward momentum.

There is also an institutional investor sentiment that has been firm and not short since the Traders Engagement Report (COT) last weekend.

As Cointelegraph reported, BTC / USD suddenly rebounded to USD 12,000 overnight on Tuesdayafter spending time addressing the $ 11,900 central resistance point.

As Garner and others point out, There is very little in the way of further positive Bitcoin price movement above USD 12,000 Given the way Bitcoin has spent the brief periods above this level before.

“”On the order books, the sky is mostly clear above $ 12,000“, He said.

Other factors from the past weeks and months, particularly the lack of inputs from whales, suggest this The desire to sell large amounts of BTC remains low. In fact the balance sheets are from The stock exchanges are continuously declining despite price increasesas the data show.

Bitcoin credit on exchanges vs. the price with the last drop highlighted. Source: Cole Garner / Glassnode

In conclusion, Garner’s only concern is that if Twitter sentiment is a reliable measure, Few forks anticipated the current scenario.

“A lot of people weren’t prepared for this,” he wrote, referring to a recent poll that the 35% of respondents said that Bitcoin makes up less than 10% of their crypto portfolio.

“I’m not a maximalist, I love all cryptos very much, but you have to respect the king.”

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