Crypto Analyst Michaël van de Poppe Outlines What Must Happen for Bitcoin and Crypto Markets to Reverse Course
Popular cryptanalyst Michaël van de Poppe lays out what needs to happen for Bitcoin (BTC) and the rest of the crypto market can reverse course.
In a new video update, Van de Poppe tells his 165,000 YouTube subscribers that crypto traders should keep an eye on what the US dollar is doing and how the euro is doing against the dollar.
The DXYindex sees a possible reversal as the month moves into areas not seen since the February 2015 peak, which ultimately marked the bottom of Bitcoin’s bear market. The weekly is eyeing a possible reversal, but it all depends on the coming weeks and whether or not the DXY falls below 108.6.
Eventually, Euro/USD must also reverse and reclaim 1.01 as it could be a trigger for other currencies including Bitcoin.”
The US Dollar Index (DXY) is at 109.57 at the time of writing. The euro is currently worth $0.9959, while the leading digital asset is trading for $20,064 at the time of writing.
Van de Poppe is not the only crypto analyst noting the importance of the DXY for future crypto price movements.
Popular trader Justin Bennett tells his 107,300 Twitter followers that the dollar needs to “cool down” for crypto to rally.
“The argument against a rally for risk assets is the DXY breaking above 109.30 today.
Need the dollar to cool down for crypto to recover.”
Featured image: Shutterstock/Fortis Design/Sensvector
Source: Crypto News Deutsch