Many crypto analysts including the CEO of Three Arrows Capital, a crypto hedge fund, passed out his sentiment when he took to Twitter by saying that the price of Bitcoin is going to touch $9,000 at the end of January.
Accumulation is Near
Su Zhu did not predict the price randomly but on the basis of the behavior of BTC traders. He claimed that the recent action on the part of the coin will lead to a greater accumulation phase.
Moreover, he said that the pair of Bitcoin with the stablecoin UST is priced at a premium as compared to the pair with the US dollar. This shows that traders are taking an interest in BTC.
According to Su Zhu:
BTC/USDT premiums and price action show clear signs of accumulation and money flow back into risk. Would not surprise me to see 9K+ before end of Jan.’
The Langhash, firm about crypto data, put that USDT premium has an effect on the turning of price value. The information reads:
…A large positive USDT price premium trends to signal a coming rise in the price of the Bitcoin. Meanwhile, a negative price premium may signal a fall in Bitcoin prices. Bitcoin prices are difficult to predict, but if you are inclined to try, USDT price premiums are one more factor that you may want to take into account.
A very prominent crypto analyst Willy Woo comes with the same prediction as Su Zhu that price is in an accumulation phase and he is expecting a rally from the Bitcoin in this month.
On the contrary, there is a list of people who are not seeing the rise in the price value at the start of the month. Tone Vays, the bitcoin strategist, believes that digital gold is not going to rise at the start of 2020 but will go down to $5,000 or lower than this.