Crypto Winter Is Done….The Bitcoin Vs. Dollar Says So
Crypto Winter is definitely over.. price should reflect that very soon. Prepare for liftoff…
This Bitcoin Vs Dollar Comparison Says Crypto Winter Is Done
“If price action holds at current levels, the rounded support structure would also begin to take on a parabolic shape. Bitcoin in the past has went on parabolic rallies that lasted 12,000% or more. The most recent parabolic climb lasted for 1,200% ROI.
In the comparison above, we can see that in 2020 the DXY broke below what would be the same rounded support that BTCUSD is forming now. Once again, the DXY is ready to penetrate the rounded bottom. When the top cryptocurrency by market cap held and the dollar fell further, all the ingredients were there for an incredible bull run.
The DXY is an index of the US dollar trading against a weighted basket of other top currencies like the pound and yen. Although it has nothing to do with Bitcoin or crypto, it tells the market when the dollar is strong or weak. With USD being one half of the BTCUSD trading pair, the dollar being weak currently is a boon for Bitcoin and crypto.
If the DXY falls further, much like the inverse correlation in the comparison above shows, Bitcoin could skyrocket to new all-time highs.”