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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

What Does The Dollar’s Do Or Die Moment Say About Bitcoin?

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
bitcoin dollar

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The dollar has been on a steady decline since the pandemic first struck. Weakness in the global reserve currency has allowed gold, Bitcoin, and other assets to shine.

However, either a major rebound is beginning, or the dollar is about to experience another massive drop. The asset is clearly at a ‘do or die’ moment, but how will further downside in the dollar impact the leading cryptocurrency?

The Dollar’s Ongoing Demise and Fall From Global Reserve Grace

The dollar is the most dominant force in the finance world, but when you’re on top, everyone wants to see you fall. Recently, the dollar has been declining, allowing competing assets and currencies like Bitcoin, gold, and the yuan to gain ground.

The weight of its global reserve currency status has caused it to crack under pressure. Money supply being printed to prevent further economic slowdown has only further harmed the dollar’s reign.

Further amplifying the issue, as more money supply has been printed, it hasn’t all went into stimulating economic recovery. As ROI has clearly demonstrated, some of the stimulus money has gone directly into crypto assets like Bitcoin and Ethereum, or precious metals silver and gold.

Related Reading | ETF Manager CEO: Bitcoin Has Cemented Itself As A Dollar Alternative

The thing these assets rising while the dollar drops have in common is a limited supply. Dollars are being made out of thin air. Meanwhile, the limited supply in these assets prompts their valuations in USD to rise due to inflation.

It has also allowed other competing currencies to make a run for the top currency, such as China’s yuan.

But as dollar sentiment dropped to extremes, a reversal appears to be brewing that could be harmful to the same assets that benefitted from its drop.

Sentiment has fallen to the point where reversals have taken place before, there’s a TD 9 buy setup on daily timeframes, and several other bullish signals in the dollar.

But comparing the DXY Dollar Currency Index to historical Bitcoin charts perhaps provides another take on what to expect from USD.

BTCUSD Versus DXY Correlation Comparison | Source: TradingView

Will Bitcoin’s Next Bull Run Begin With The Continued Collapse of Cash?

According to a chart shared by a prominent Bitcoin analyst, ebbs and flows in the dollar have directly correlated to strength and weakness in Bitcoin. For example, the last time DXY traded at these levels, the cryptocurrency was trading at nearly $20,000.

The currency broke down from a clearly defined trading range but was able to recapture it, rising steadily until Black Thursday. Black Thursday sent Bitcoin tumbling and the dollar rocketing as investors cashed everything out into the primary safe haven: USD. Even other safe havens like gold collapsed in the selloff.

Related Reading | Economist: Early Days of Bitcoin Uptrend Are Here, Breakout Has A Long Way To Go

Gold has since set a new all-time high, and Bitcoin has potentially broken up into a new uptrend. But the dollar’s reversal could put an abrupt end to any bullishness in the asset unless another scenario plays out.

Given the severity of the pandemic, the upcoming US election, and all the challenges the United States is facing, the dollar could fall out of this range for good – or at least long enough for Bitcoin to make another wild run like it did in 2017.

Conditions this time around are unique, and potentially the perfect storm for Bitcoin. Will the dollar rebound, or will it instead fall and let cryptocurrency bulls head off to the races?

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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