The founders of analytics firm Glassnode are predicting that Bitcoin (BTC) will soon print fresh all-time highs for one key reason.
Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,200 followers on the social media platform X that Bitcoin may surge if the US Dollar Index (DXY) starts to decline due to the Fed’s rate-cutting cycle and quantitative easing (QE).
The DXY is a measure of the value of the US dollar against a basket of six major currencies. Traders keep a close watch on the DXY as a weak index suggests that investors are favoring risk assets like stocks and crypto over the dollar.
“Bitcoin and DXY: a tight dance. Bitcoin has closely tracked the DXY for weeks, especially post-US elections, as the dollar hit new yearly highs. But with easing policies in play, what happens when the DXY weakens and decoupling starts? Signs point to Bitcoin smashing new all-time highs with ease.”
Source: Negentropic/X
Bitcoin is trading for $89,200 at time of writing, down nearly 5% from its all-time high of about $93,500.
Next up, the analysts say Ethereum (ETH) is showing market strength despite declining against Bitcoin (ETH/BTC).
“During this Bitcoin rally, Ethereum took off, and as BTC hit $74,000 with a drop in dominance, the ETH/BTC pair eased its pressure. But after Bitcoin’s weekend pump, pushing it to $93,000, BTC dominance has surged, while the ETH/BTC pair slumped – without Ethereum’s price dropping significantly. What does this signal? A Bitcoin dominance rebound or ETH holders dumping on the pump? Taking a look at Ethereum’s market cap: after ‘Super Tuesday,’ it rose from $290 billion to just over $400 billion, During this ETH/BTC pullback and BTC dominance surge, ETH’s market cap only dipped to $380 billion. This suggests no dumping, just Bitcoin’s strength outshining other market forces.”
Source: Negentropic/X
Bitcoin’s dominance level (BTC.D) is the ratio between the market cap of BTC versus the market cap of all crypto assets combined. At time of writing, BTC.D is at 61%.
Source: Negentropic/X
ETH/BTC is trading for 0.03398 BTC ($3,035) at time of writing, down 4.39% in the last 24 hours.
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The founders of analytics firm Glassnode are predicting that Bitcoin (BTC) will soon print fresh all-time highs for one key reason. Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,200 followers on the social media platform X that Bitcoin may surge if the US Dollar Index (DXY) starts to decline
The post Bitcoin To Hit New All-Time High With Ease, Predicts Glassnode Co-Founders – Here’s Why appeared first on The Daily Hodl. Bitcoin, Ethereum, Bitcoin dominance, BTC, btc.d, ETH, News
This articles is written by : Nermeen Nabil Khear Abdelmalak
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