Imminent Dollar Decline Will Trigger Massive Crypto Blow-Off Top, According to Glassnode Founders

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 will ultimately lead to a large decline.

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.

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 an upward impulse before dropping down to new local lows, propelling crypto and other risk assets upward.


Strong DXY > risk assets struggle.
Weak DXY > risk assets rally.

DXY top was in October 2023. First leg until late Dec. 2023.
In 2024, DXY has been bouncing.

We believe this has been a wave 2 bounce and that it is DONE!

Now DXY is to begin [its] decline. Hence, risk assets should soar.

We believe this will be the driver of a crypto blow-off top.”

Source: Negentropic/X

Happel and Allemann recently called for Bitcoin (BTC) 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.

BTC 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.

Will history rhyme in 2024 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!

Source: Negentropic/X

At time of writing, Bitcoin is trading at $43,302.

Don’t Miss a Beat Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


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.

Generated Image: Midjourney

This article was originally reported on The Daily Hodl.