Glassnode founders Jan Happel and Yann Allemann believe the declining strength of the US dollar could trigger a Bitcoin rally.
Dollar Index Suggests Downward Trend
The US Dollar Index (DXY), which measures the dollar’s strength against other currencies, may have reached a peak. This suggests a potential downward move, which could benefit cryptocurrencies like Bitcoin.
Bitcoin Hits Target, Poised for Further Growth
The founders note that Bitcoin has already reached their predicted price target of $60,000. They believe the recent correction below that level has cleared the path for Bitcoin to rally to new highs.
Bitcoin’s Resilience
Despite the correction, Bitcoin has shown resilience by rebounding from the $58,000 support level. The Relative Strength Index (RSI) indicates a shift towards bullish momentum.
Cautious Optimism
While the founders are optimistic about Bitcoin’s prospects, they caution that a downward move below $58,000 could derail the bull market trend.
