This Crypto Veteran Has 3 Potential Catalysts That Could Fuel A Bitcoin Market Comeback

Zinger Key Points
  • A crypto veteran says BTC is showing unusual strength against equities markets during overnight hours. 
  • Last week, the S&P500 was down 2.78% over the last week, while Bitcoin is down only 0.4%.

Crypto veteran Su Zhu, the CEO of crypto hedge fund Three Arrows Capital, says Bitcoin BTC/USD is entering an accumulation range. 

According to Zhu, three potential catalysts could trigger a new Bitcoin bull market. They are: 

1) El Salvador conference of 44 central banks
2) OPEC to use in international payments
3) Commodity nation sovereign wealth to conduct thesis-driven allocations.

Also Read: Why Shark Tank's Kevin O'Leary Remains Bullish On Bitcoin, But Expects More Volatility

He says the Bitcoin has had seven red weeks in a row, the most in its entire history, indicating seller exhaustion.

Zhu also believes the trading volume during the collapse of Terra LUNA/USD could signal capitulation and the beginning of a trend change.

He says that BTC is in a re-accumulation phase as it is showing unusual strength against equities markets during overnight hours. 

Interestingly, the S&P500 was down 2.78% last week, while Bitcoin fell by only 0.4%.

Zhu indicates that that Mayer Multiple is hovering at historic lows, suggesting that BTC is undervalued.

At the time of writing, Bitcoin was trading at $29,774, according to Benzinga Pro.

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