“Even though Bitcoin experiences a short-term correction, the upward trend will prevail in the long run, the BTC price will continue to rise, while the dollar is losing power. He made comments in the form.
Bitcoin price continues to strengthen day by day and is constantly refreshing the record of recent years. The BTC price, which is currently around $ 16,200 – $ 16,300, has increased by more than 3% in the last 24 hours. According to CoinGecko data, BTC, which increased its market dominance to 64.21%, managed to increase its price up to $ 16,460 in the last 24 hours. Bitcoin saw these levels last in December 2017, after correcting at a record $ 20,000.
What does the RSI point to Bitcoin?
Analyst Yashu Gola commented on this performance and RSI value of Bitcoin in the article he published. According to the statements of Gola, who said that the upward trend of Bitcoin has encountered an aggressive purchase, the BTC price is far above the average demand as can be seen in the Relative Strength Index (RSI).
According to Gola, the BTC / USD parity has been in the overbought zone for months. Claiming that the pair may lose its upward momentum after a while, the analyst said that it is possible to regain the trend with the global fundamentals remaining negative.
Are hard times coming for the US dollar?
Most market analysts believe that the Bitcoin rally will continue. Financial strategists in the US suggest that the dollar will fall during the presidency of Joe Biden also supports this view. It is thought that Bitcoin will be positively affected by the depreciation of the dollar, as in the past.
According to the strategists, Biden’s victory means a return to more traditional forms of government and major changes in foreign policy. It is predicted that economic changes will also benefit from these policies. Experts suggest that the money will flow into emerging markets and the US dollar will fall with investor interest shifting to foreign assets.
As a supportive data for these views, economists point out that the Dollar Index dropped 1.92% last week, with Biden taking the lead against Donald Trump. Although the index manages to compensate some of its losses, the fact that there is no president in America yet to exit the election still keeps the uncertain environment alive.
The most effective solution to protect the dollar from falling: Bitcoin
According to the views of some legendary investors such as Paul Tudor Jones, Bill Miller and Stan Druckenmiller, Bitcoin may be one of the most ideal measures against the depreciation of the dollar. With Bitcoin breaking this $ 16,000 threshold, the interpretations of these names also gained ground.
Dutch analyst and trader Michael van de Poppe emphasized how important the support of these names is to Bitcoin. “It is quite clear that we are in the early stages of a new bull run, with Stan Drcukenmiller, Michael Saylor, and more companies trading on the stock market turning to Bitcoin.” He made statements in the form.