Tether Remains a Great Predictor for Bitcoin Prices
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Tether Remains a Great Predictor for Bitcoin Prices
Tether is a good predictor for Bitcoin price. The price has time and again been driven by the price of Tether. However, since this conclusion might not resonate with most crypto analysts; it is worth noting that most crypto enthusiasts believe in it. In fact, the few who find the argument worth believe tether is not only a predictor but the push for Bitcoin surges.
Bitcoin prices began to rise from a low of $4, 000 at the beginning of April to almost $14, 000. Despite the $9, 000 recent dip, experts have a firm believe that Bitcoin prices will improve. According to Andrew Rennhack, a crypto analyst - Tether is the major force behind Bitcoin price gains. To back up this fact, the analyst adds that Bitcoin lacks features of sound money and therefore the ability to experience price gains by itself.
Most analysts believe that the working argument behind BTC price surges; remains to be the influx of institutional investors into the crypto space. Hence why most believe the prevailing bull market will last longer than the 2017 bull market. Additionally, sources claim that the 2017 bull market was driven by the bitcoin hype whereas the 2018 bull market is driven by the general public appreciation for crypto and investors.
Rennhack takes note of rising disagreements among crypto investors; on the acceptable explanation for rising BTC prices.One of the most inevitable being the US-China trade wars that could have also led to the rally. To this, Rennhack disagrees and adds that a massive Tether mint had been running concurrently with Bitcoin’s fastest price surges and therefore the only explanation for the bull market rally.
Conclusion
However, another crypto analyst Max Kaiser believes Bitcoin will hit the $100, 000 points. Max Kaiser argues that Bitcoin will destroy all other altcoins on its way to the $100, 000 point. And since Tether is an altcoin, it seems both analysts have way more need for facts to validate their arguments.