Crypto Analysts Predict Massive Rally in Digital Assets as US Dollar Weakens
According to popular crypto analysts Jan Happel and Yann Allemann, a significant decline in the US dollar will result in a major surge in digital assets. The duo, known as the Negentropic handle on X social media platform, believes that the dollar index (DXY) is nearing the end of its upward movement and is about to enter a downward trend.
The DXY measures the strength of the US dollar against other major currencies and is often used to assess risk assets. Using Elliot Wave Theory, Happel and Allemann suggest that the DXY is currently in its second wave and will soon drop to new lows. This, in turn, will drive up the value of cryptocurrencies and other risk assets.
Bitcoin Could Reach $120,000 by July 2024
Happel and Allemann have previously predicted that Bitcoin (BTC) will experience a parabolic rise similar to previous bull markets. Using Fibonacci extensions, they forecast a price target of $120,000 for BTC by July this year, which is earlier than most analysts expect.
Currently trading at $43,302, Bitcoin continues to be closely watched by investors as it shows potential for further growth.
Hot Take: A Weakening Dollar Paves the Way for Crypto’s Rise
Renowned crypto analysts Jan Happel and Yann Allemann predict that a declining US dollar will have a significant impact on the digital asset market. As the dollar index (DXY) nears the end of its upward movement, they anticipate a drop that will propel cryptocurrencies and other risk assets higher. By applying Elliot Wave Theory to their analysis, Happel and Allemann are confident that this shift in the dollar’s strength will drive a blow-off top in the crypto market. Additionally, they foresee Bitcoin reaching $120,000 by July 2024, providing further evidence of the positive correlation between the weakening dollar and the rise of digital assets.
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