Crypto analyst Jamie Coutts believes a key indicator may soon predict a massive Bitcoin rally.
Dollar Index and Bitcoin
Coutts says the dollar index (DXY), which measures the strength of the US dollar, is inversely correlated with risk assets like Bitcoin. He notes that every summer rally in Bitcoin has been preceded by a weakening DXY.
Break Below 101
Currently, the DXY is in a consolidation range. Coutts suggests that a break below 101 could trigger a significant rally for Bitcoin.
$150,000 Target
Based on historical DXY movements, Coutts believes a break below 101 could send Bitcoin soaring to $150,000.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $67,759.
