Bitcoiners should be cautious over rally as stablecoin indicator lags: Analyst

Bitcoin’s 12% rally over the week and a surge in related exchange-traded fund inflows have analysts thinking it could soon reach $100,000, but one crypto analyst has said to temper hopes as a key indicator is still giving mixed signals. “Given that our stablecoin minting indicator has yet to return to high-activity levels, we remain cautious about the sustainability of the current Bitcoin rally,” 10x Research head of research Markus Thielen said in an April 23 markets report. Stablecoin absence may limit Bitcoin upsideThielen explained that a measured move from the falling wedge pattern, which traders perceive as a potential bullish reversal signal, shows that Bitcoin (BTC) may reclaim $99,000. He added, however, that “the absence of strong stablecoin inflows raises questions about follow-through source: https://cointelegraph.com/news/bitcoin-price-rally-caution-crypto-analyst-warns-stablecoin-indicator-lagging?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound