Real Vision’s most important digital assets analyst Jamie Coutts believes that Bitcoin (BTC) is preparing for a huge outbreak after weeks of volatility.
Couts tells His 35,600 followers on the social media platform X that he thinks that a weakening US dollar and a huge sale in the crypto markets Bitcoin enables a bullish reversal in May when the new of all time can print heights.
According to the Real Vision analyst, the strength or weakness of the US dollar as measured by the US Dollar Index (DXY), a benchmark of the value of the US dollar compared to a basket of six important currencies, the price direction of Bitcoin.
When the DXY is strong, it is often seen as a sign that the US economy is strong and that the US dollar is a safe port active. This can lead to sales pressure in cryptocurrencies, while investors move their money to the US dollar.
“This week it all had it. The DXY saw its fourth largest negative three-day movement-massal liquidity positive. Just as Bitcoin destroyed and had his worst February in a decade. In the meantime, the Top 200 Crypto index has poured again in Altcoin Land. The graph shows that 365 days of new lows were 47%, a characteristic of capitulation in a bull’s cycle. The stage is set for a new highest high high in Bitcoin and top 200 aggregated market capitalization by May. “
He suggest That a soil can now be on the Altcoin market after the large sale that could lead to some alts having explosive rallies for new all-time highlights (ATHS).
“I expect some alts to make this cycle new Aths.”
He too stock A graph showing that the three previous times the Dxy fell by a similar percentage change, Bitcoin went on explosive rallies.
“Don’t think people understand the meaning of the DXY movement in the past three days and what it means for Bitcoin.”
The DXY is currently at 104, while Bitcoin acts for $ 88,787 at the time of writing, with 1.2% a decrease in the last 24 hours.
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