Glassnode founders Jan Happel and Yann Allemann suggest that the weakening of the US dollar index (DYX) could potentially trigger a new bull market for Bitcoin (BTC). They base their observation on the DXY chart, which measures the strength of the US dollar against a basket of major foreign currencies. Analysts believe that the DXY has recently reached a peak in an expanding diagonal pattern, indicating a significant downward movement that could extend beyond the lower range of the pattern. The Glassnode founders believe that BTC has already reached their predicted downward price target of $60,000. They argue that the recent correction in Bitcoin’s price, which briefly dropped below $60,000, has cleared the path for the cryptocurrency to rally to new all-time highs. Despite the optimism in the market, the Glassnode founders emphasize the need for caution, as any movement below $58,000 could potentially disrupt the current bull market trend. At the time of writing, BTC is valued at $65,253.
