Crypto analysis company LAYER.GG made an important announcement from the X social platform. The shared data showed that Bitcoin has recorded green candles for six consecutive weeks. This situation was last witnessed in the fourth quarter of 2020 and is remembered as an unforgettable period for cryptocurrency investors.
The fourth quarter of 2020 was an impressive streak for Bitcoin with six green candles in a row. Now, as Bitcoin begins its seventh weekly candle, it seems history is poised to repeat itself.
LAYER.GG highlighted several notable signals during this rising period. In particular, a flow of $5 billion worth of USDT (Tether), the participation of a whale identified as “0x1dB”, and the issuance of USDT between 35 to 37 thousand dollars were significant.
Since October 2020, the consistent printing of a billion USDT every 1-2 weeks has emerged as an important factor. During this period, a total of $5 billion was printed from the Tether Treasury. In a bull market, the issuance of new stablecoins is traditionally considered a bullish sign.
Every time USDT is issued, Bitcoin’s price recovery exemplifies the impact of stablecoin market dynamics. Notably, the market value of stablecoins rose from $119 billion to $124 billion. Moreover, a significant increase in stablecoin issuance was observed during the consolidation phase between 35 to 37 thousand dollars.