Competition Between Bitcoin and Dollar Ends! Analysts Said Reverse Correlation May Be Broken, Shared the Rise Signal for Both BTC and Dollar!

historically Bitcoin ve Dollar Index (DXY) It maintained a largely negative correlation with . This means that when the dollar strengthens (DXY increases), the value of Bitcoin tends to decrease, and conversely, when DXY decreases, Bitcoin tends to increase. However, analysts predict that the situation may change and return to positive correlation.

Bitcoin-Dollar Index (DXY) Correlation May Turn Positive!

At this point, analysts as a result of option pricing Bitcoin- DXY He stated that the negative correlation between the two may break down and turn positive around the time of the US election.

Analysts speaking to Coindesk said that one-month options data from the Chicago Mercantile Exchange BTC He said that the call-ask curve is at 1.2, which indicates a bullish trend for Bitcoin for the next four weeks.

Analysts also noted that the 30-day risk reversals on the Euro-Dollar (EUR/USD) pair are at -0.39, indicating a stronger dollar, “signaling a continued rise in the dollar index, which is one of the biggest enemies of options BTC.” ” he said.

When all these data are evaluated together, analysts stated that Bitcoin started to ignore the dollar index, the data points upward for Bitcoin and the dollar, and is a signal that the correlation between DXY and BTC may turn positive.

Speaking to Coindesk, Zerocap’s Chief Investment Officer Jonathan de Wet said that with the increasing likelihood of Trump winning, investors are taking long positions and expect Bitcoin to continue rising towards $70,000 in the coming weeks.

Wet also noted that despite the increasing strength of the dollar, BTC has begun to diverge from DXY and investors are increasingly focusing on higher prices, namely $80,000 and $100,000 call options.

Finally, FRNT Financial analysts also say that the US elections have been in the last six months. Bitcoin and stated that it has emerged as a dominant narrative for cryptocurrencies and is one of the main factors of the rise.

*This is not investment advice.