Bitcoin (BTC) Price Prediction As Bulls Hope For A Weaker Dollar To Extend Rally – What’s Next For BTC?

With Bitcoin (BTC) steadying around $66,980, marking a roughly 1% increase, the hype intensifies on its upward momentum

Sophia Cruz•Wednesday, April 24, 2024•1 min read

With Bitcoin (BTC) steadying around $66,980, marking a roughly 1% increase, the hype intensifies on its upward momentum, potentially aiming for $70,000. Recent movements in the cryptocurrency market, notably the influx of $59.7 million into U.S. Bitcoin ETFs following a period of outflows, indicate a shift in sentiment.

Bitcoin (BTC) Price Prediction As Bulls Hope For A Weaker Dollar To Extend Rally – What’s Next For BTC?

The landscape transforms as institutional entities such as Grayscale’s GBTC approach the 300,000 Bitcoin mark and additional spot Bitcoin ETFs come to light. Amidst these shifts, Bitcoin’s price forecast gains significance, reflecting both market confidence and the continual evolution of digital asset investment strategies.

Meanwhile, crypto traders are expecting a fresh decline in the US dollar, which might encourage risk-taking and prolong the surge of Bitcoin (BTC). However, certain banks are predicting ongoing strength in the US dollar.

According to CoinDesk data, Bitcoin (BTC) has traded between $60,000 and $70,000 since mid-March. The bullish momentum in Bitcoin that started in October 2023 has paused, possibly influenced by reduced expectations of Federal Reserve interest rate cuts and a rebound in the dollar index, reflecting the strength of the greenback’s major fiat currencies.

Data from Trading View indicates that the DXY (Dollar Index) received buying interest at 102.35 on March 8, climbing to a peak of 106.52, its highest level in five months last week. Since then, it has retreated marginally to 105.70, providing optimism for crypto bulls.

Mike Alfred, founder, and managing partner at Alpine Fox LP, stated that the DXY index encountered resistance at 106 as anticipated and has started to reverse course.

Furthermore, he suggested that a retreat towards 102-03 levels would significantly boost this bullish trend. Alfred remarked that the timing aligns well with Bitcoin (BTC) as it heads towards $90,000 in the near future. Looking further ahead, he anticipates the DXY to reach 92, possibly by late 2025.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.