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Bitcoin Breakout Is Around The Corner As US Dollar Index Reverses

The crypto market is looking great today, with the most important coins trading in the green. At the moment of writing this article, BTC managed to pass the important level of $20k, and it’s trading at $20,212.

Check out the latest predicitons about the king coin below.

Bitcoin optimistic prediction

It’s been just revealed that there is a widely followed crypto trader says the US dollar index (DXY) is signaling weakness, and that could mean a big breakout for Bitcoin (BTC).

In a new strategy session, crypto analyst Jason Pizzino said recently that the DXY is showing multiple signs of bullish exhaustion after rallying over 16% this year.

“We had the lowest close in the last four weeks. So last week closed low, closed beneath the 50% mark. The key level here is going to be that 109 [points] on the DXY. Now we’re starting to see this on a macro play here. We’re looking at the weekly stuff. This is the first lower top that we have seen on the weekly chart for the US dollar [index] since a year ago…”

The analyst continued and explained the following:

“For me, this is the second sign of weakness. We had that big blowoff in September. That was the news telling us everything was going to dump against the US dollar. The British pound was going to go to parity or below parity. The euro went below parity. Everyone’s freaking out.”

He also said that everyone was piling into the US dollar.

“And now, we’re starting to see another sign of weakness, a lower top confirming over the weekend ‘collapse’ and the close below the 50% level as well,” he concluded.

The crypto market shows massive signs of strength, and the numbers are going up. Stay tuned for more crypto predicitons, and make sure to keep your eyes on the market.

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