According to the founders of Glassnode, the dollar is set to peak to bring Bitcoin (BTC) back to strength
The weakening strength of the US Dollar Index (DYX) could be a catalyst for a renewed bull market for Bitcoin (BTC), according to Glassnode founders Jan Happel and Yann Allemann.
Sharing the Negentropic handle on social media platform X, the founders point to the DXY chart, which measures the strength of the US dollar against a weighted basket of other major foreign currencies.
According to analysts, the DXY has likely just made a high in an expanding diagonal pattern, suggesting that a significant downward move toward the lower boundary of the pattern range and possibly beyond is underway.
“Has DXY reached the top of the expansion diagonal?
We believe this is the case – and the downside will provide a lot of tailwind for crypto and BTC.”
Source: Negentropic/X
While some are looking for cheaper Bitcoin, Glassnode founders say BTC has already reached the $60,000 downside price target they called for last month.
Glassnode founders believe that the recent Bitcoin correction, which briefly sent BTC below $60,000, may have paved the way for the crypto king to reach new all-time highs.
“BTC shows resilience!
BTC is showing remarkable resilience as it quickly recovers from the critical support level at $58,000, with the Relative Strength Index (RSI) suggesting a shift towards bullish momentum.
There is optimism in the market with the aim of breaking the $68,000 level and beyond. However, caution remains advised as any downward move below $58,000 could derail the ongoing bull market trend.”
Source: Negentropic/X
At the time of writing, BTC is worth $65,253.
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