A widely followed crypto analyst says one catalyst could trigger a bull run for Bitcoin (BTC) and other digital assets.
In a new video update, crypto strategist Jason Pizzino tells According to its 334,000 YouTube subscribers, the latest BTC crash can be attributed to the US dollar breaking out of its slump.
“Bitco also fell for a few days but then found its high as the US dollar bottomed… Now we are on the current day where we have just seen the US dollar break out of its downtrend…
And this appears to have put pressure on Bitcoin, at least in the short term.”
Looking at the US Dollar Index (DXY) chart, Pizzino says that while it may have a little more room to rise, traders should be wary of a rejection near a specific area as that could lead to a massive bull market for digital assets and possibly the stock market.
“I think [the DXY has] got a little more upside here… Now we come to test around the top of 101.8, 102 is another psychological level, and then some of these swing bottoms that came in around that 102.3, so quite a bit of resistance above you head…
Stay tuned in case we get a rejection [around 101.8 to 102.3] which could then create even more upside for Bitcoin and cryptos and really start winning that party for assets… and then maybe even lead the stock market, like us, into the elections.”
The DXY is currently to sit at 101.97, according to TradingView data, while the flagship digital asset is valued at $60,607 at the time of writing, down 2.48% over the past 24 hours.
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