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The co-founders of Glassnode, a cryptocurrency analytics firm, believe that the US Dollar Index (DXY) is poised for a decline, potentially igniting a significant bull run for Bitcoin (BTC). They observe that the DXY, which measures the US dollar against major currencies, has likely peaked, signaling a potential shift towards risk assets like stocks and crypto over the dollar. According to their analysis, the DXY appears to be forming an A-B-C wave pattern, with a projected drop below 100 by year-end and a C wave correction to 89.34 in the first half of the following year. Their chart also suggests that as the DXY falls, the iShares Russell 2000 (comprising small-cap stocks) is expected to rise. Previously, they that DXY’s strength was putting downward pressure on . They believe that Bitcoin’s consolidation since April is ending, and a new phase with potential record highs for BTC is on the horizon. The traders also macro expert Henrik Zeberg’s forecast that the DXY will peak around 106 before a correction, and currently, the DXY is at 106.07. They suggest that Zeberg’s predicted DXY reversal could drive the upcoming BTC rally, as the correction in Bitcoin’s performance since April 2023 appears to be concluding. At the time of writing, Bitcoin is trading at $26,845, down 1.1% in the last 24 hours.
Read more: coinspress
