CandleFocus “Bitcoin Could Be Preparing for a Significant Surge,” Analyst Says, Explains Why
2024-09-23
Author: Content Editor
According to recent analysis, Bitcoin (BTC) may experience a significant rally due to easing financial conditions in the US. The negative correlation between Bitcoin and the Chicago Fed's National Financial Conditions Index (NFCI) suggests that looser financial conditions often act as a catalyst for Bitcoin's performance. The NFCI, which tracks liquidity, credit availability, and market risk, has signaled looser financial conditions in the past, coinciding with Bitcoin's price surges in 2013 and 2017. Over the past year, the NFCI has once again indicated looser financial conditions, contributing to Bitcoin's rise. However, factors like the strength of the US dollar also impact Bitcoin's performance. The NFCI for the week ending September 13 recorded a looser than average financial condition.
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