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Will Bitcoin Reach New Highs Soon? Glassnode Analysts Say Yes!

The co-founders of the cryptocurrency analytics firm Glassnode are of the opinion that a substantial Bitcoin (BTC) bull market is on the horizon, largely driven by their belief that the US Dollar Index (DXY) is poised for a decline.

Jan Happel and Yann Allemann, the co-founders who go by the name Negentropic on the X social media platform, have indicated that the DXY appears to have reached its peak.


The DXY serves as a gauge of the US dollar’s strength against a basket of six major currencies. Traders closely monitor the DXY because a weaker index implies that investors are favoring higher-risk assets such as stocks and cryptocurrencies over the US dollar.

In their assessment, they suggest that the DXY is currently forming a three-wave pattern, identified as the A-B-C wave according to Elliott Wave theory. They anticipate that the DXY will dip below 100 by year-end and complete the C wave correction, reaching 89.34 during the first half of the next year.

Their analysis also implies that as the DXY experiences a decline, the iShares Russell 2000 ETF (an exchange-traded fund representing small-cap stocks) is expected to surge.

Previously, these traders observed the increasing strength of the DXY, which was exerting downward pressure on Bitcoin.

Despite widespread bearish sentiment toward the US dollar, the Dollar Strength Index recently reached its highest point in nearly a year. This development, contrary to the prevailing view, signifies a significant shift and a potential consolidation phase.

According to the traders, the DXY needs to cool off and potentially retest prior resistance levels that could serve as support for Bitcoin’s recovery. Moreover, greater market liquidity is likely to benefit Bitcoin in the long run, as investors seek alternative assets to hedge against sluggish economic growth.

The traders also cited the predictions of macro expert Henrik Zeberg, who anticipates that the DXY’s peak will hover around the 106 level before undergoing a correction. As of the current writing, the DXY stands at 106.07.

The anticipated reversal in the DXY, as forecasted by Henrik Zeberg, is expected to be a catalyst for the upcoming rally in BTC. It appears that the consolidation phase in Bitcoin since April 2023 is nearing its conclusion.

At the time of writing, Bitcoin is trading at $26,845, reflecting a 1.1% decline in the past 24 hours.



Tommy Crush

Tommy is a dynamic and promising voice in the world of cryptocurrency writing, with a year of dedicated experience that has already left a significant mark. Born with an innate curiosity and a passion for emerging technologies, Tommy quickly found their niche in the thrilling realm of digital currencies and blockchain technology. His journey into the world of cryptocurrencies began as a personal exploration, but it wasn't long before they realized their talent for translating complex concepts into accessible, engaging prose. In just a short span of one year, Tommy has become a trusted source for readers seeking clear and insightful explanations of the ever-evolving crypto landscape. They have a remarkable ability to break down intricate blockchain mechanisms, decentralized finance (DeFi) protocols, and the latest trends in the market, making this complex subject matter approachable to both newcomers and experienced enthusiasts. Tommy remains committed to providing readers with accurate, insightful, and well-researched content that demystifies the world of cryptocurrencies. With an insatiable hunger for knowledge and a genuine passion for the subject matter, He is poised to be a driving force in shaping the future of crypto journalism. In their spare time, Tommy enjoys watching football, read news and believes in the power of blockchain technology to revolutionize industries far beyond finance. With a bright future ahead, Tommy invites you to join them on their crypto journey as they continue to explore, learn, and share their insights with the world.
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