{"id":243399,"date":"2024-02-08T03:42:44","date_gmt":"2024-02-07T22:12:44","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=243399"},"modified":"2024-02-08T03:42:44","modified_gmt":"2024-02-07T22:12:44","slug":"imminent-dollar-decline-will-trigger-massive-crypto-blow-off-top-according-to-glassnode-founders-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/imminent-dollar-decline-will-trigger-massive-crypto-blow-off-top-according-to-glassnode-founders-crypto-news\/","title":{"rendered":"Imminent Dollar Decline Will Trigger Massive Crypto Blow-Off Top, According to Glassnode Founders – Crypto News"},"content":{"rendered":"

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Closely followed crypto analysts say that a weakening US dollar will lead to a huge rally in digital assets in the near future.<\/p>\n

Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that the dollar index (DXY) is nearing the end of a bounce which will ultimately lead to a large decline.<\/p>\n

The DXY compares the US dollar to a basket of other major foreign currencies and is often used to gauge the strength of risk assets.<\/p>\n

Using Elliot Wave Theory, which suggests that price corrections happen in three major waves, the analysts say that DXY is about to finish its second wave \u2013 an upward impulse \u2013 before dropping down to new local lows, propelling crypto and other risk assets upward.<\/p>\n

\u201cEVERYTHING is about DXY.<\/em><\/p>\n

Strong DXY \u2014> risk assets struggle.<\/em>
Weak DXY \u2014> risk assets rally.<\/em><\/p>\n

DXY top was in October 2023. First leg until late Dec. 2023.<\/em>
In 2024, DXY has been bouncing.<\/em><\/p>\n

We believe this has been a wave 2 bounce \u2013 and that it is DONE!<\/em><\/p>\n

Now \u2013 DXY is to begin [its] decline. Hence, risk assets should soar.<\/em><\/p>\n

We believe this will be the driver of a crypto blow-off top.\u201d<\/em><\/p>\n

Source: Negentropic\/X<\/figcaption><\/figure>\n

Happel and Allemann recently called for Bitcoin (BTC<\/a>) to go parabolic after printing a similar corrective pattern seen in the previous two bull markets. Using Fibonacci extensions, the analysts forecast a $120,000 price tag for BTC sometime around July of this year, much sooner than what most analysts are currently expecting<\/a>.<\/p>\n

\u201cBTC has moved to the 6.618 Fibonacci extension after a bull flag correction. We are currently in a small correction like in late 2017 and late 2020.<\/em><\/p>\n

Will history rhyme in 2024 \u2013 and BTC move to its 6.618 Fib extension in this bull market? That would give us a target of ~$120,000. Time will tell!\u201d<\/em><\/p>\n

\"Image\"
Source: Negentropic\/X<\/figcaption><\/figure>\n

At time of writing, Bitcoin is trading at $43,302.<\/p>\n

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n

Generated Image: Midjourney<\/span><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Closely followed crypto analysts say that a weakening US dollar will lead to a huge rally in digital assets in the near future. Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that the dollar index (DXY) is nearing the end of a bounce which […]<\/p>\n","protected":false},"author":2,"featured_media":209690,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-243399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/243399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=243399"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/243399\/revisions"}],"predecessor-version":[{"id":243401,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/243399\/revisions\/243401"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/209690"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=243399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=243399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=243399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}