Bitcoin price over 1 percent up in 7days: USDT, Whales supporting BTC price

The king of cryptocurrency Bitcoin (BTC) is likely to hit a new high anytime soon. The prediction is based on the correlation between USDT and Bitcoin price hikes.

At the time of writing, Bitcoin is trading at eight thousand three hundred and forty-four dollars ($8344.67), which is about one and a quarter percent (1.24%) of the prices on the 7th of October 2019. Bitcoin price stood at seven thousand eight hundred and ninety-five dollars ($7895) mark.

Bitcoin price chart by Trading View

The Bitcoin price rose twice during the last seven days, on the 7th of October, when the price hit the eight thousand two hundred dollars ($8200) mark.

The second time it happened on the 9th of October when the price jumped up to eight thousand and six hundred dollars ($8600) range. The highest point on the chart was on the 11th of October. The Bitcoin price hit the eight thousand and seven hundred dollars ($8700) range.

Bitcoin price correlation with USDT and Whales

Interestingly enough cryptocurrency cop-watch Twitterati WhaleAlert reported on the 7th of October twice:

💵 💵 20,000,000 #USDT (19,952,765 USD) minted at Tether Treasury

Tx: https://t.co/PwaBVRsDOl

— Whale Alert (@whale_alert) October 7, 2019

Following shortly with another tweet that reveals similar Tether activity. A total of over three million Tether (32,87,600 USDT) were minted on that day.

💵 💵 12,387,600 #USDT (12,392,934 USD) minted at Tether Treasury

Tx: https://t.co/NpYyquSnbT

— Whale Alert (@whale_alert) October 7, 2019

Seems like a coincidence? Well if that wasn’t enough the next rise came on the 9th on the October and the same day Whale Alert reported:

🚨 2,407 #BTC (19,641,947 USD) transferred from #Coinbase to unknown wallet

Tx: https://t.co/RYMXRref7E

— Whale Alert (@whale_alert) October 9, 2019

Bitcoin price was holding stable while smaller sharks in the cryptocurrency waters were playing their part throughout the 9th, 10th, and 11th of October. The transactions ranging between five hundred to five thousand Bitcoin were seen on the radar on these dates. Whale Alert reported on 10th of October

🚨 1,200 #BTC (10,289,078 USD) transferred from unknown wallet to #Bitstamp

Tx: https://t.co/sXuBuTXVJS

— Whale Alert (@whale_alert) October 10, 2019

While the Bitcoin transfer volumes rose up to as high as to twenty-five hundred dollars ($2500) in one transaction, the larger transactions were seen throughout the day. And then on to top it off 11th of October began with freshly minted Tether and during the day as well right before the weekly high spike Whale Alert reports: 

💵 💵 💵 20,000,000 #USDT (20,002,176 USD) minted at Tether Treasury

Tx: https://t.co/vR0POQbvDw

— Whale Alert (@whale_alert) October 10, 2019

Bitcoin price to hit a new high

Today the WhaleAlert reported that another batch of freshly minted Tether has landed in the market; therefore, Bitcoin price is likely to see another spike based on the past correlation between USDT minting and BTC price movement.

💵 5,000,000 #USDT (5,012,230 USD) minted at Tether Treasury

Tx: https://t.co/E2Ujk8CWhw

— Whale Alert (@whale_alert) October 12, 2019

However, the fluctuated Bitcoin price may be a good strategy for short term gains, but the price is expected to see yet another correction towards seven thousand and seven hundred dollars ($7700) mark.