The Dollar Index's recent pullback has crypto traders betting on a continued weakness in the greenback and a renewed bitcoin rally.
Crypto traders are anticipating a renewed weakness in the U.S. dollar, which would catalyze risk-taking and extend the rally in bitcoin. The rally in bitcoin, which began in October last year, has paused, likely due to dwindling expectations of Fed rate cuts and a bounce in the dollar index, which tracks the greenback’s value against major fiat currencies.
Jan Happel and Yan Allemann, co-founders of Glassnode, who go by the name Negentropic on X, said the dollar looks to have topped out in an “expanding triangle” pattern and could slide in the coming weeks, powering the crypto market higher. “Overall, if the Fed is on hold for the rest of this year and other central banks ease as expected, the peak DXY level should be in the 107-110 range,” the team added, expressing the possibility of the market overshooting the projected upside target.
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