Bitcoin

Strong

While Bitcoin (BTC) was slowly recovering after the sharp decline last week, there was a retreat in the Dollar Index (DXY).
The recent pullback in DXY caused cryptocurrency investors to expect that the weakness in the dollar will continue and Bitcoin will rise again.
At this point, while analysts expect DXY to fall further, they expect this decline to bring an increase to BTC and cryptocurrencies.
Speaking to Coindesk, Mike Alfred, founder and managing partner of Alpine Fox LP, said the following about the connection between DXY and Bitcoin:
<blockquote>
 “As expected, DXY saw the resistance at 106 and started to reverse. A return towards 102-103 levels will accelerate the Bitcoin rally.
 The timing makes sense because Bitcoin is poised to rise to $90,000 in the short term.
 “In the long term, I expect DXY to be at 92 levels by the end of 2025.”
</blockquote>
Apart from Mike Alfred, Glassnode co-founders Jan Happel and Yan Allemann also evaluated DXY-Bitcoin and said that the dollar has reached its peak with the expanding triangle formation and may fall in the coming weeks, pushing BTC and the general crypto market even higher.
<h2 id="dollar-dxy-can-stay-strong-for-longer">“Dollar (DXY) Can Stay Strong for Longer!”</h2>
While analysts expect a decline in DXY and an increase in Bitcoin, some banks state that they do not think the dollar will weaken immediately.
At this point, Societe Generale's team, led by Kit Juckes, said that it does not seem possible for the FED to cut interest rates before 2025, so they expect DXY to peak between 107 and 110.
Scotiabank also expressed a similar opinion as the Societe Generale team in a note sent to its customers recently, saying, “We think the FED will keep interest rates high for a longer time, which means that DXY will probably remain strong for a longer time.”
Finally, Barclays said that a potential trade war between the US and China could bode well for the dollar and cause DXY to rise.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/is-bullish-for-bitcoin-and-bearish-for-the-dollar-will-inverse-correlation-work-analysts-divided/" rel="noopener noreferrer nofollow">Is Bullish for Bitcoin and Bearish for the Dollar? Will Inverse Correlation Work? Analysts Divided!</a>

Is Bullish for Bitcoin and Bearish for the Dollar? Will Inverse Correlation Work? Analysts Divided!

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