According to one of the leading crypto analysts, Gert van Lagen, Bitcoin is showing strong signs of recovery and is targeting a new all-time high (ATH) around $80,000.
Analysts' Predictions
Gert van Lagen pointed out that $BTC [1D] has bounced off the bullish market support with the formation of a double bottom. Perfect bear trap on higher timeframes. Targeting a new ATH at $80,000.
DXY and Bitcoin Correlation
The U.S. Dollar Index (DXY) is experiencing a weakening, which, according to analysts, creates additional momentum for Bitcoin's rise. Titan of Crypto highlighted that historically, DXY and Bitcoin have an inverse correlation: when DXY weakens, Bitcoin usually strengthens.
Current Bitcoin Price Movements
Currently, Bitcoin is around $65,700, having successfully broken through a critical resistance level at $65,048. This movement can pave the way for further upward trends, with a significant target of $80,000. The formation of a double bottom on the daily chart and the weakening of DXY amplify the prospects of reaching a new ATH.
Amid current market conditions and the weakening of the U.S. Dollar Index, Bitcoin has a strong chance of reaching a new all-time high of $80,000.
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