Too late for Tether ‘FUD’ as Bitcoin price poised to hit $63K, says trader filbfilb


Bitcoin (BTC) will never be the same and it is too late to use Tether (USDT) as an excuse to be bearish, says Cointelegraph Markets analyst Philpville.

at Thread On February 10, famous analyst and co-founder of trading group Decentrader said the cat was out of the bag because Bitcoin had become mainstream.

“The game has changed” for Bitcoin

The dominant Bitcoin presence has proliferated since Tesla bought $ 1.5 billion of Bitcoin, but not everyone is convinced. Within crypto circles, some still point to the resurgence of Tether and support it as reasons to be bearish.

As Cointelegraph reported, rumors are still circulating about Tether’s financial recovery, despite numerous reactions and the supply of USDT has increased at unprecedented rates.

Filbfilb summed up: “The game has changed,” noting that the daily printing alone amounted to one billion dollars.

Tether candle chart for the 1 day market. Source: TradingView

As such, the short-term price targets are not only $ 50,000, but hitting $ 63,000 including some consolidation moves along the way.

“IMO the target for consolidation is c. 52k so I would expect some correction but the generally measured movement should take us towards. 63ish,” he added in a post to subscribers of the Telegram trading channel.

He indicated that “aggressive” sellers had already been outnumbered by demand.

An annotated one day candle chart for BTC / USD. Source: filbfilb

Don’t bother with bears

On the topic of corporate adoption, he added that there are implications many have not thought of, making Bitcoin’s downtrend redundant. Consumers are already indirectly subscribing to Bitcoin, and stock performance from companies that have already made allocations will catch fire.

“I really don’t think people understand that the S & P500 companies that own Bitcoin mean that people’s pensions are virtually exposed to Bitcoin. The percentage of people who invested in Bitcoin has already reached the masses, and they don’t know it,” he wrote.

“The premium in terms of equity revaluation alone seen on MSTR combined with the current economic environment means that shareholders will demand exposure to Bitcoin. Yet a lot of the cash transfers are bearish. They never change.

That opinion outright dismisses the dovish words from JPMorgan analysts this week, who claim that few companies will follow Tesla and MicroStrategy on Bitcoin due to its volatility.