A widely followed crypto analyst says several indicators are suddenly flashing bullish for Bitcoin (BTC).
In a new video update, crypto strategist Jason Pizzino tells his 350,000 YouTube subscribers that Bitcoin may be gearing up for an explosive move to the upside after breaking out into the mid-$90,000 range.
“Bitcoin broke March’s monthly high, which canceled the macro bearish signal from the top, the signal which essentially called the top in December and January, the signal that called the top from March 2024 that led to a 30%-plus correction. Same sort of deal here, and this time on the macro it has hit a higher price, now canceling those three red signals down.”
Next up, he says the weakness of the US dollar as measured by the US Dollar Index (DXY) indicates Bitcoin may trend higher based on historic precedent.
The US Dollar Index is a benchmark of the value of the US dollar compared to a basket of other widely traded global currencies. A DXY on an uptrend indicates a strengthening US dollar, while a downtrending DXY indicates a weakening US dollar.
“On top of this, the US dollar has closed at its lowest price in around 37 months. This is on the weekly chart, and the monthly is coming up in just three days time. Typically, when this happens, we see another big move to the upside from BTC. So this, on top of what we’ve already seen with the Bitcoin price and the signals getting canceled on the bearish charts, is looking likely that we’ve got further upside to go here for BTC.”
Lastly, he says that another factor that suggests Bitcoin’s price will rise is the fall in Tether (USDT) dominance – the ratio of USDT’s market cap relative to the rest of the crypto assets.
“In addition to that, the USDT dominance is also breaking down, breaking past key levels that we’ve been following, however, still holding above the elusive 50% level.”
Bitcoin is trading for $95,252 at time of writing, up 2.5% in the last 24 hours.
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