Glassnode founders predict that Bitcoin will lead a rally of risk assets this year to hit $120,000 by July as the dollar index indicates that the USD could be about to dip.
They say that the USD rallied to December last year and has been bouncing this year; the next wave will be the downward spiral, and it will peak around mid-year, pushing BTC to new heights.

Jan Happel and Yann Allemann, the two founders of market-leading on-chain data insight platform Glassnode, have joined several other analysts in predicting a new Bitcoin record high in the current bull cycle. They pointed to the dollar index, which they believe will bottom around July, pushing the top crypto to $120,000.

The dollar index (USDX or DXY) measures the relative strength of the USD against a basket of six other top currencies, including the Euro, the Japanese yen, the sterling pound and the Canadian dollar. The Euro has the most weight in the currency basket. Traders use DXY to predict the USD’s change in value.

According to Jan and Yann, “everything is about DXY.” When the DXY is strong, risk assets like Bitcoin struggle. Over the past two years, the DXY has been relatively strong and has gained massively on the Euro and the pound. However, according to the two reputable analysts, this could be all about to change.

They told their 60,000 followers on X:

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!”

The DXY dip will be great news for risk assets like Bitcoin, and the two analysts believe the top crypto will set a new high in the bull market that will ensue. Bitcoin’s current ATH is $68,672, which it hit on November 10, 2021.

BTC is trading at $44,611 at press time, gaining 4% over the past day and 6% in the past week. Its trading volume has soared 40% to hit $24.2 billion as the broader crypto market sees green amid increased optimism.

The relationship between the DXY and the price of Bitcoin and other risk assets is well documented. In recent years, the USD took the worst beating against other currencies in 2021. As one analyst shows below, when the DXY hit bottom, the price of BTC started on its rise to hit its all-time high later that year. Some crypto like BNB hit their ATH within a couple of months of the DXY bottoming.

Bitcoin to $120,000

Yann and Jan predict that Bitcoin will hit $120,000, one of the boldest predictions for the top crypto this year. Their prediction relied on Fibonacci extensions, and they say we’re in a similar pattern to bull rallies in 2017 and 2020.

“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,” the analysts stated.

They added:

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!”

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Filed under: Bitcoin - @ February 8, 2024 12:14 pm