- Bitcoin may see a parabolic rise if the U.S. Dollar Index breaks below a critical support level.
- Historical halving events have triggered significant Bitcoin price increases, with potential for $145,000 post-2024.
- A weakening DXY has often aligned with Bitcoin rallies, suggesting a similar trend after the next halving cycle.
Bitcoin’s price movement could be poised for an upward movement as the U.S. Dollar Index (DXY) shows signs of weakening. According to a tweet by crypto analyst MikybullCrypto, Bitcoin’s best days might be ahead as the DXY nears a critical support level. If the index breaks below this support, a parabolic rise in Bitcoin’s price could follow.
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Bitcoin Price Movements and Halving Events
The relationship between Bitcoin’s price and halving events has historically played a crucial role in its long-term performance. Notably, Bitcoin has experienced substantial price increases following each halving, with sharp spikes occurring after a period of consolidation. The latest chart analysis suggests that a similar pattern might unfold after the 2024.
In this context, the chart shows a projected upward trajectory for Bitcoin, potentially reaching $145,000 or more. The green dotted lines on the chart mark previous halving events, emphasizing the impact these events have had on Bitcoin’s price movements.
Source: MikybullCrypto
DXY’s Influence on Bitcoin’s Price
The U.S. Dollar Index (DXY) has also been a key factor influencing Bitcoin’s price. The chart reveals that during Bitcoin’s previous bullish cycles, the DXY tended to consolidate within a specific range, particularly around halving events. Currently, the DXY appears to be heading toward a critical support zone, and a break below this level could further fuel Bitcoin’s bullish momentum.
The chart’s lower section highlights the DXY’s movements, showing it fluctuating between 80 and 110. Historically, a weakening DXY has often coincided with a rise in Bitcoin’s price, suggesting that the next cycle might follow a similar trend.
Projected Bitcoin Performance After 2024 Halving
Looking forward after the 2024 halving, another analysis by QuintenFrancois on X offers insight into Bitcoin’s potential performance. The chart compares Bitcoin’s price after previous halving events in 2012, 2016, and 2020, scaling these prices to the projected 2024 levels.
Source: QuintenFrancois
In previous cycles, Bitcoin’s price typically began an upward movement around 200-300 days after the halving. The current projection, marked by a “We are here” note, indicates that Bitcoin is nearing a critical point, approximately 60-100 days post-halving. If historical patterns hold, Bitcoin might be on the verge of another substantial rally, potentially mirroring the explosive moves seen in past cycles.
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