Real Vision analyst Jamie Coutts predicts that the price of Bitcoin (BTC) will be influenced by the performance of the US dollar against other major currencies. Coutts, who has a following of 16,300 on the social media platform X, explains that the US Dollar Index (DXY), which measures the value of the US dollar against a basket of six dominant global currencies, is currently trading within a certain range. If the DXY falls by approximately three percent from its current level, Coutts believes that Bitcoin could experience a rally. He states, “A break below 101 would be rocket fuel for Bitcoin.” The DXY is currently trading at 104.52. Coutts suggests that if the DXY falls, Bitcoin could surge by around 127%. He explains that the DXY is crucial for the Bitcoin cycle as it reflects market expectations on liquidity in real-time. Coutts advises monitoring the 101/102 level on the DXY, as a break below this level could potentially result in a Bitcoin price of approximately $150,000. However, Coutts also warns that if the DXY strengthens and moves upwards, Bitcoin could fall to the low $50,000 range. As of now, Bitcoin is trading at $66,189.
