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Kripto para analytics firm Glassnode’s co-founders have suggested that Bitcoin (BTC) could reach an all-time high faster than expected. They believe that the US dollar index (DXY) will peak at 106, which could pave the way for a “first-class Bitcoin environment.” The DXY, which measures the value of the US dollar against a basket of six major currencies, was at 103.51 at the time of writing, according to MarketWatch.
Happel and Allemann predict that the peak of the DXY could indicate that investors are starting to allocate their capital to risky assets like crypto. They stated:
Next target: Bitcoin aims for $37,000 before further increase this fall!
Glassnode’s co-founders also shared a chart that predicts Bitcoin, the leading cryptocurrency, will surpass $144,000 in early 2024. Crypto analysts also note signs of recovery for Bitcoin this week. The company stated:
Oversold indicators point to potential short-term gains. However, watch out for the signal plateauing at 100, as it indicates a consolidation phase until demand dynamics change.
As of writing, BTC is trading at $26,057. The cryptocurrency, which ranks high in terms of market value, is trading at a level about 62% lower than its all-time high of $69,000 reached in November 2021.
The decline in cryptocurrencies can be attributed to market volatility, regulatory interventions, news events, and technical factors. Investor sentiment, transactions by major players, and global economic developments can also have an impact. Careful analysis, risk management, and monitoring market trends can be crucial.
