The US dollar is on an unprecedented weak period. Since Donald Trump started as president of the United States, we saw the dollar index use a dive. In the meantime, the dollar index (DXY) acts below 100 points, and usually that is a positive signal for Bitcoin.
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Bitcoin en route to new all-time high?
Although the relationship between Bitcoin and the US dollar is not constant, the digital currency usually benefits from sturdy falls from the DXY. Incidentally, the DXY represents a basket of other government coins compared to the US dollar, and the euro plays a significant role in this.
Bitcoindata21 even suggests with the graph above that a repetition of 2017 is possible. That would then result in an all-time high for bitcoin compared to the US dollar towards the end of 2025.
Now that is almost unimaginable, because Trump’s trade war causes a cloud of uncertainty above the financial market.
Can the bull market be continued?
Bitcoin is still a promising trend for Bitcoin on the longer time frames. The global M2 money quantity (measured in US dollars) is rising considerably and even achieving all-time highs.
The global M2 money quantity usually has a fairly strong correlation with the Bitcoin course.
“The global M2 money quantity has been on an all-time high for three days. This is a fantastic signal for what risk investments will wait in the coming ~ 108 days,” said Colin Talks Crypto about this signal.
He sees this development as a possibility to buy the dip for bitcoiners. On the other hand, the course is of course dependent on Donald Trump and his trade policy.
Will Trump continue the trade war? Then it will also be difficult for Bitcoin to make new all-time highs.
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Source: https://newsbit.nl/amerikaanse-dollar-voorspelt-nieuwe-all-time-high-bitcoin/
