The world’s first cryptocurrency, Bitcoin has regained its $20,000 price levels, but the currency is still on a bearish trend. Amidst this volatility, a well-known crypto market analyst is predicting future days of Bitcoin and other cryptocurrencies.
The analyst, Michael van de Poppe in a new video advises his followers over Youtube that traders should also track US dollar along with Euro that is rising against the dollar.
The analyst claims that Bitcoin’s DXY index is pointing towards a trend reversal soon where the price level is about to hit the range that’s not seen since February 2015, which was Bitcoin bottom. He also says that though the weekly candle is indicating a reversal, it all depends on DXY dipping below 108.6 points.
Bitcoin Price To Recover?
Additionally, Van de Poppe asserts that Euro/USD should also find its recovery entry and regain the 1.01 level. If this happens it will push other currencies like Bitcoin.
At the time of publication, the US Dollar Index (DXY) is positioned at 109.64 and Bitcoin is trading at $19,920.
The significance of the DXY to the upcoming price movements of cryptocurrency has been noted by many analysts, including Van de Poppe. Renowned trader Justin Bennett informs his 107,300 Followers on twitter that for cryptocurrency to rise, the dollar should “cool down.”
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Source: https://coinpedia.org/bitcoin/here-is-how-bitcoin-price-will-reverse-its-trend-per-van-de-poppe/