CandleFocus Bitcoin Poised for Rally as Dollar Index Weakens – Analyst
2024-10-28
Author: Content Editor
Bitcoin failed to break above $70,000 and it is believed to be connected to the rise of the dollar currency index (DXY). The Thinking Crypto podcast analyst suggests that the inverse correlation between the two influenced Bitcoin's price. While Bitcoin has shown resilience despite the rise of the DXY, it has stalled and the analyst predicts a significant DXY breakdown, coinciding with the U.S. election and other macroeconomic factors, which will trigger a crypto market rally starting in November. The analyst also identifies a bullish signal on Bitcoin's lower time frame charts and expects the cryptocurrency to enter price discovery after surpassing $70,000. The current price of Bitcoin is at $67,770, reflecting the existing bullish sentiment and the strength of the bulls. The analyst believes a bull run is inevitable but will come later, noting the difference between smart money and retail investors in the current market.
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