Jan Happel and Yann Allemann, founders of data analysis platform Glassnode, predict an exciting development in the world of cryptocurrency. The duo believes that the current bull cycle will bring a new record for Bitcoin. Analysts point out that the dollar index, which they believe will bottom around July, could push the crypto market to $120,000 levels. The reason for this is that during periods when the dollar index is strong, risky assets, such as Bitcoin, are forced.
Two veteran analysts say based on past experience, DXY has been relatively strong over the past two years and has made significant gains against the euro and sterling. they state. However, they think this situation may change in the near future.
A potential decline in DXY could be a positive development for risky assets like Bitcoin. Glassnode’s founders believe that in this scenario, Bitcoin could set a new record. A lower DXY value for risky assets could encourage investors to turn to cryptocurrencies. This may cause cryptocurrencies such as Bitcoin to gain value. Jan and Yann believe that in this scenario, Bitcoin could reach a new high in the emerging bull market.
The relationship between DXY and the price of Bitcoin and other risky assets is well documented. In recent years, USD took the worst hit against other currencies in 2021. When DXY hit bottom, BTC price also started to rise and reached an all-time high that year. Some cryptocurrencies, such as BNB, reached ATH within a few months after DXY bottomed.
Yann and Jan’s prediction that Bitcoin will reach $ 120,000 is based on Fibonacci extensions. The duo say we are in a pattern similar to the bull rallies of 2017 and 2020. Yann and Jan made the following statement on their joint X (Twitter) account:
“Will history repeat itself in 2024 and BTC move to the 6.618 Fib extension in this bull market? This level corresponds to a target of approximately $120,000. Time will show us!”
You can follow the current price movement here.
Source : crypto news flash