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Top trader predicts an impending upswing in crypto markets and says macro data could bring some relief to bulls

A closely watched crypto trader says, Bitcoin (BTC) and the rest of the crypto markets are preparing for a bounce ahead of the latest Consumer Price Index (CPI) update.
Pseudonymous crypto strategist Cantering Clark tells his 128,200 Twitter followers that he USDT-Dominance Chart (USDT.D) closely monitoring the market share of stablecoin Tether (USDT) relative to the rest of the crypto markets.

Rising USDT dominance suggests market participants are selling their crypto assets to protect their capital in Tether. Meanwhile, a corrective USDT.D chart shows traders using their tether to buy other digital assets.

Cantering Clark says he believes the USDT.D chart is poised to correct now that it is close to all-time highs (ATH) is floating.

“I think we’ll jump up soon. Slowly buy more space in this region, not just a short-term trade, and don’t be afraid to buy lower. I think these purchases are rewarded outside of a weekly time frame. The chart you are looking at – stable dominance on an ATH. Give Spike down.”
Source: Cantering Clark/Twitter
According to the crypto trader, the incoming CPI update due to be released on May 11 could serve as a catalyst for a recovery rally.

“If the consumer price index comes in a bit lower next week, the market will at least offer a short-term reaction, even if it’s not for them inflation will mean.”

Looking at bitcoin, the crypto trader says that while a move below $20,000 is within the realm of possibility, he believes the chances of a sharp one correction are low.

“Is it possible for BTC to go below $20,000 and more than one wick? Yes absolutely. Do I think it’s likely? Absolutely not lol… I’m not going to jump on the $24,000 bandwagon. I think buying in the low $30,000 range will be worth it before something like this.”

Cantering Clark also highlights that Bitcoin is now trading in the support area of ​​a multi-month range.

“We were within reach for four months. Here comes a trend toward the lower part of the larger range. Good to keep things simple. Look for a trap but don’t see one yet.”
Top trader predicts an impending upswing in crypto markets and says macro data could bring some relief to bulls, Crypto Trading NewsSource: Cantering Clark/Twitter
At the time of writing, Bitcoin is changing hands at $34,095, down over 4% in the last 24 hours.
Check the price action

Source: Crypto News Deutsch

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