‘Most Bullish Setup Ever’: Crypto Analyst Lists 10 Reasons To Invest Now
17 Luglio 2024 - 11:30AM
NEWSBTC
In a new post on X, Miles Deutscher, a noted crypto analyst with
over half a million followers, has proclaimed the current market
condition as “one of the most bullish setups” he has seen in his
six-year career in the crypto industry. Deutscher outlined ten
pivotal catalysts that he believes are primed to drive the
cryptocurrency markets higher in the near term. “There has been a
lot of talk recently about headwinds (Germans selling, Gox, macro
etc.). But the reality is, there is A LOT to look forward to,”
Deutscher emphasized. 10 Reasons To Be Ultra Bullish On Crypto #1
German Government BTC Sales: Deutscher notes that the German
government has exhausted its BTC reserves to sell, which removes a
significant selling pressure on the market. “The best thing about
overhang is that once selling is priced into the market, there is a
floor on downside and headroom for price to move higher. We still
have Gox, but there’s now light at the end of the tunnel,” he
explained. #2 Bitcoin ETF Inflows: According to Deutscher, the
strong inflows into Bitcoin ETFs are underappreciated. Over the
past month, these ETFs have seen inflows exceeding $1 billion,
signaling sustained investor interest. “I think many people are
underestimating the magnitude of the long-term impact of the ETFs
on BTC. It provides a strong passive bid for the market, and
appetite for the ETF isn’t going away (we’ve had +$1b this past
month),” Deutscher added. Related Reading: Solana’s Dogwifhat (WIF)
Skyrockets 1300% And Claims Forbes’ Best-Performing Crypto Title #3
US Presidential Election: The crypto analyst pointed out betting
markets like Polymarket, where Trump is favored to win. A Trump
presidency is viewed as a positive catalyst for crypto, given his
administration’s perceived support for the industry. #4 Trump
Advocacy at BTC 2024 Conference: Deutscher also highlighted Trump’s
scheduled appearance at the BTC 2024 conference, where he is
expected to advocate for Bitcoin and cryptocurrencies more broadly.
Rumors have it that Trump could make another major announcement.
Bitcoin Magazine CEO David Bailey has floated the idea of making
BTC a strategic reserve asset for the United States. #5 FTX
Repayments: The repayment of $16 billion to creditors by FTX is a
less discussed but crucial factor. “Many of these recipients will
likely re-enter the market, leading to a fresh bid,” Deutscher
predicts, suggesting a potential increase in buying activity in the
crypto markets. #6 Global Liquidity Cycle: Deutscher also mentioned
the correlation between global liquidity and crypto prices. “It’s
crazy how correlated crypto (especially BTC) is to global
liquidity. Interestingly, we’ve been closely following a 65-month
cycle. This would suggest a late 2025 peak,” Deutscher predicted.
Related Reading: Crypto Analyst Says Ethereum Price Is Headed To
$4,000, Here’s Why #7 Spot ETH ETFs: The imminent launch of Spot
ETH ETFs is another major catalyst. This marks the first time an
altcoin has received such an investment vehicle, potentially
expanding Ethereum’s market exposure and investor base
dramatically. #8 Goldman Sachs Tokenization Projects: Goldman
Sachs’ involvement in three tokenization projects lends significant
credibility to the crypto space. This institutional endorsement is
expected to benefit a wide array of altcoins and related real-world
asset (RWA) applications. #9 Anticipated Rate Cuts: According to
the CME FedWatch tool, the market is currently factoring in the
likelihood of three rate cuts until the end of the year, with a 90%
chance of a 25 basis point reduction in September. This could serve
a massive tailwind. #10 Forward-Looking Markets: Lastly, Deutscher
emphasized the reflexive nature of crypto markets, where positive
sentiment itself can trigger substantial rallies. “Over the coming
months, you’re likely to see the market price in these tailwinds.
As crypto is highly reflexive, a positive bid off the back of
increased sentiment can, in and of itself, lead to a major rally,”
Deutscher concluded. At press time, BTC traded at $65,648. Featured
image created with DALL·E, chart from TradingView.com
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