A cryptocurrency expert from the Xuetabit exchange urges bitcoin investors to track the US dollar index. In his opinion, the fall of DXY will mark the growth of bitcoin.
“Unfortunately, when DXY is in an uptrend, bitcoin tends to be in a downtrend, especially if the uptrend of DXY is very strong. Conversely, when DXY is in a downtrend, Bitcoin tends to parabola.”
According to an expert from Xuetabit, when DXY is in a strong uptrend, the traditional market as a whole is not in danger. However, this positive factor does not apply to bitcoin holders. The analyst claims that investors in bitcoin should expect a “bearish trend” soon.
“We need to make sure that the trend in the bitcoin market really becomes bullish, and not just demonstrate some of the fake manifestations, when in fact bitcoin is not growing. We will be able to see a real “bullish trend” — as soon as the dollar turns around and goes down. This is exactly what we really need to monitor,” says the expert Xuetabit.