A prominent crypto analyst has suggested that a single catalyst could trigger a bullish trend for Bitcoin (BTC) and other cryptocurrencies.
In a recent video update, crypto strategist Jason Pizzino, who has a substantial following of 334,000 YouTube subscribers, explains that the recent BTC price drop can be linked to the strengthening of the US dollar.
“Bitcoin experienced a dip when the US dollar hit a low point… However, with the recent breakout of the US dollar from its downward trend, we are seeing some short-term pressure on Bitcoin.”
By examining the U.S. Dollar Index (DXY) chart, Pizzino suggests that although there might be further upside potential, traders should watch for a potential rejection at a specific level, which could ignite a significant bull market for cryptocurrencies and potentially impact the stock market.
“I anticipate some upward movement for the DXY… Keep an eye out for resistance around the 101.8 to 102.3 range, as a rejection at this level could lead to increased momentum for Bitcoin and other digital assets, possibly even affecting the stock market as we approach the election.”
Currently, the DXY stands at 101.97, as per data from TradingView, while Bitcoin is priced at $60,607, reflecting a 2.48% decrease over the past 24 hours.
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