Crypto Experts Forecast Massive Blow-Off Top Amid Impending Dollar Decline, Says Glassnode Founders
Renowned crypto analysts from Glassnode, Jan Happel and Yann Allemann, operating under the Negentropic moniker on X, foresee a significant rally in digital assets driven by the weakening US dollar.
Utilizing Elliot Wave Theory, they predict the dollar index (DXY) is on the verge of completing its second wave, poised for a downward trajectory, which historically triggers an upsurge in risk assets including cryptocurrencies. Happel and Allemann emphasize the pivotal role of DXY in influencing market dynamics, affirming that its decline will catalyze a “crypto blow-off top.”
Additionally, they anticipate Bitcoin (BTC) to undergo a parabolic surge, drawing parallels to previous bull market trends and projecting a $120,000 price target by July, propelled by Fibonacci extensions and corrective patterns. Their analysis diverges from conventional expectations, suggesting an imminent and substantial bullish movement in the cryptocurrency market.
Clever Robot News Desk 8th February 2024