Crypto analyst Jamie Coutts names the catalyst that could take Bitcoin to new all-time highs
A widely followed crypto analyst says Bitcoin (BTC) could reach new all-time highs (ATHs) with the support of a key driver.
In a new strategy session, crypto analyst Jamie Coutts shares with his 10,200 followers on the social media platform
“Bitcoin is stuck with the dollar.
Chart: BTC vs. DXY (inverted).
Once DXY breaks 99.5-101, there is little support until the low 90s.
BTC would likely reach new all-time highs in this scenario.”
Source: Jamie Coutts/X
The DXY is currently at 103.1, down 0.4% in the last day.
According to Coutts, the crypto king is vulnerable to “mid-cycle overheating,” which he says has happened in the last two cycles.
However, the analyst says this time he expects the decline to be as short and shallow as in 2016, in contrast to the deeper, more dramatic correction in March 2020.
“Mid-cycle overheating has been a feature of the last two Bitcoin cycles. This time was no different. Positioning in the derivatives market was almost insane at the peak of the cycle. The question is whether this decline is more like 2016 or 2019. I bet on the former.”
Source: Jamie Coutts/X
Bitcoin is trading at $40,800 at the time of writing, up 2.1% in the last 24 hours.
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