A widely followed crypto analyst says that one catalyst could spark a bull run for Bitcoin (BTC) and other digital assets.
In a new video update, crypto strategist Jason Pizzino tells his 334,000 YouTube subscribers that the latest BTC crash can be attributed to the US dollar breaking out of its slump.
“Bitcoin also dropped for a few days but then found its peak when the US dollar found its low… Now we find ourselves at the present day where we’ve just seen the US dollar break out of its downtrend…
And this seems to have put pressure on Bitcoin, at least in the short term.”
Looking at the U.S. Dollar Index (DXY) chart, Pizzino says that while it may have some more room to rise, traders should keep an eye out for a rejection near a specific area as that could spark a massive bull market for digital assets and possibly the stock market.
“I think [the DXY has] got a little bit more upside here… Now we come up to test around the 101.8 top, 102 is another psychological level, and then a few of these swing bottoms that came in around that 102.3, so quite a lot of resistance overhead…
Keep a look out in case we get a rejection [around 101.8 to 102.3] which then could bring on further upside for Bitcoin and cryptos and really start to get that party going for assets…and then maybe even the stock market as well as we lead into the election.”
The DXY is currently sitting at 101.97, according to data from TradingView while the flagship digital asset is valued at $60,607 at time of writing, a 2.48% decrease during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here