Parabolic Phase For Bitcoin – This Is The Trigger That Could Boost BTC

There are all kinds of predictions about the king coin these days, and most of them are getting more and more bullish.

At the moment of writing this article, BTC is trading in the red and the coin is priced at $60,224.

Crypto analyst and trader Justin Bennett recently said that weakness in the US dollar could spark a new parabolic rally for Bitcoin (BTC)

He recently said that he is checking out the US dollar index (DXY), which compares the USD to a basket of other major fiat currencies.

As the online publication the Daily Hodl notes, a weaker dollar generally suggests investors are favoring other assets over the world’s reserve currency.

He recently explained that the breakdown could be the catalyst to send crypto into a parabolic surge.

“What’s that? BTC is up as the DXY is tanking? 93.50 is critical. A close below that for the USD index kicks off the parabolic phase of the crypto bull market, in my opinion.”

It’s also worth noting the fact that he predicted that BTC could be consolidating some more before finding a bottom around the $57,000 level.

From there, the analyst suggests Bitcoin breaks out in early November and gets above $75,000 halfway through the month.

“BTC consolidation continues. If the market can deviate from the September pullback (yellow) and breakout here, it’s back to $64,000. That would be the next big test for bulls. Let’s see.”

He also had something to say about the price of EDthereum.  “ETH is breaking out again. The weekly chart looks ready for $10,000 – $20,000 in the next few months.”

Not too long ago,m we also addressed the Bitcoin bull case for the next six months.

It’s been revealed that Lyn Alden predicted that Bitcoin could stay bullish over the next 180 days.

During an interview with Kitco News, Alden said that despite the recent pullback that Bitcoin experienced after hitting a new record high, on-chain data supports a bullish outlook moving forward.