DXY Readies To Clock 12th Consecutive Candles
In a recent post, crypto analyst TheCryptoMann highlights an important formation in the DXY (United States Dollar Index), which measures the value of the dollar against other major currencies. Over the years, there has been an inverse correlation between Bitcoin and the US dollar, making this DXY formation significant.
TheCryptoMann points out that the DXY is approaching its 12th consecutive green candle, a bullish sign for the crypto market. The last time this occurred was in 2014, resulting in a substantial rally for crypto. In that year, the crypto market experienced a surge from $5.4 billion to over $8.2 billion.
A Bullish Time For Crypto
TheCryptoMann predicts that history will repeat itself and expects a similar movement to what happened in 2014. He believes that the upcoming correction in the DXY will lead to a surge in the crypto market.
Another analyst, Cryptoinsighuk, shares this view and believes that there is a correction coming for the DXY. They also suggest that negative sentiment towards crypto, such as the SBF trial, could indicate that the bottom is near.
If TheCryptoMann’s forecast is accurate, it could mean a massive upside move for the crypto market. The total market cap could surpass $1.5 trillion by the end of 2023.
Hot Take: Crypto Market Poised for Bullish Surge as DXY Correction Looms
The correlation between the crypto market and the DXY has historically provided valuable insights into upcoming price movements. A formation in the DXY suggests that a bull rally may be on the horizon for cryptocurrencies. This pattern has not been observed since 2014, when the crypto market experienced a significant surge in value. TheCryptoMann, along with other analysts like Cryptoinsighuk, anticipates a similar movement in the near future. As the DXY undergoes a correction, the crypto market could explode with potential price movements. Keep an eye on the market as it approaches this crucial period.
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