Popular crypto strategist Michael Van de Pope comments on the state of the market and shares what may lie ahead.
What Could Push Bitcoin Up?
Van de Pope shared what needs to happen for Bitcoin and the rest of the crypto market to turn around.
In a new one video update Van de Pope said in a YouTube video that crypto traders should keep an eye on what the US dollar is doing, as well as how the euro is doing against the dollar.
The DXY index is eyeing a potential reversal soon as [месечната графика] is entering territories we haven’t seen since the peak in February 2015, which ended up being the bottom of the bear market for Bitcoin. [Седмичната графика] is looking at a potential reversal, but it all depends on the coming weeks and whether the DXY falls below 108.6 points.
Eventually Euro/Dollar should also reverse and regain 1.01 as this could be a trigger for other currencies including Bitcoin.
At the time of writing, the US dollar index (DXY) is at the level of 109.57 points. The euro is currently worth $0.9959, while the leading digital asset is trading at $20,064 at the time of writing.
Pope isn’t the only one keeping an eye on DXY
Van de Pope is not the only crypto analyst to note the importance of the DXY to future cryptocurrency price movements.
Popular trader Justin Bennett
Arguing against the risk asset rally is the DXY, which broke above 109.30 today.
The dollar needs to cool for the cryptocurrency to rise.
READ MORE: What Could Be Next for Ethereum Beyond the Merger?
The prediction of B. Barheidt
In a new interview for Thinking Crypto Bill Barheidt said the PMI indicates the US is either in or about to enter a recession. The PMI is an economic indicator that aims to show the state of the manufacturing sector and the service sector.
Despite downward price action in 2022; CEO of crypto wealth management platform Abra believes that macroeconomic conditions could soon lead to bullish price action in crypto markets.
According to Barkhdayt, “the big break” will occur in October. He believes that in the first quarter of 2023 it will begin “the game” for risky assets like Bitcoin and other cryptocurrencies. This hints that they can begin their long-awaited recovery.
I think that’s really going to start the game for stocks and cryptocurrencies as the money supply starts to increase dramatically as a result of the Fed’s pause and expectations in the bond market that we’re going to go back to the sort of descending channel that interest rates have been in. over the past three decades.
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