Bitcoin (BTC) to Gain Strength as Dollar Peaks, Glassnode Analysis Suggests

The Glassnode founders, Jan Happel and Yann Allemann, known as Negentropic on X social media, foresee a potential resurgence in Bitcoin’s bull market due to the weakening US dollar index (DXY). 

They base this prediction on the DXY chart’s recent formation of a top in an expanding diagonal pattern, signaling an impending downward move for the dollar against other major currencies. Despite some observers anticipating lower Bitcoin prices, Happel and Allemann note that BTC has already met their previously forecasted downward target of $60,000. They express confidence in Bitcoin’s resilience following a recent correction. With the cryptocurrency rebounding from the critical $58,000 support level. The relative strength index (RSI) also indicates a shift toward bullish momentum. 

Looking ahead, the Glassnode founders anticipate BTC aiming to breach $68,000 and beyond. Although they caution against potential market downturns below $58,000 that could disrupt the current bullish trend. As of the latest update, BTC is valued at $65,253.

Clever Robot News Desk 22^nd April 2024