Crypto Hedge Fund CEO Su Zhu lists three potential catalysts for the next Bitcoin (BTC) rally.

Su Zhu, CEO of crypto hedge fund Three Arrows Capital, said he sees three potential catalysts that could trigger a new Bitcoin (BTC) bull market.

Crypto veterans first document why they believe Bitcoin is entering an accumulation range, and proposal The downtrend is that there is no more to go.

According to Zhu, Bitcoin posted the biggest loss in history for the seventh week in a row, indicating seller burnout.

Second, crypto hedge fund executives noted massive volumes during the collapse of TerraUSD (UST), which could signal capitulation and the onset of a trend change.

According to Zhu, the third sign that BTC is in a re-accumulation phase is that BTC has been unusually bullish against the stock market overnight. Over the past week, the S&P 500 is down 4.5% while BTC is up almost 1%.

A fourth signal that grabs Zhu’s attention is the Mayer Multiple, an indicator that measures Bitcoin’s current price against a 200-day moving average to determine whether BTC is overbought or oversold.

Zhu points out that the Mayer Multiple is at a historical low, suggesting that BTC is undervalued.

source: Glassnode/Xu Province

Finally, Zhu discusses how Bitcoin trades at a premium in the Asian session.

Source: Glassnode/Xu Zhou

The cryptocurrency billionaire also revealed three possible catalysts that could trigger the next bull market for BTC.

“1) El Salvador Conference of 44 Central Banks
2) OPEC, used for international payments
3) Department of Product State Sovereignty to carry out thesis-oriented allocation.

Zhu’s first catalyst refers to a meeting in El Salvador where authorities from 44 countries discussed Bitcoin.

The second represents the possibility that the Organization of Petroleum Exporting Countries (OPEC) will accept cryptocurrency payments for oil purchases.

The third trigger indicates the potential for sovereign wealth funds in commodity-focused countries to allocate funds to Bitcoin.

As of this writing, Bitcoin is worth $29,336 and has traded almost completely sideways in the last 7 days.

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