Cryptocurrency analyst and trader Justin Bennett says if the U.S. dollar tanks that could kick off the parabolic phase for Bitcoin BTC/USD.
Bennet says he closely monitors the U.S. dollar index (DXY), which compares the USD to a basket of other major fiat currencies.
A weaker dollar generally suggests investors are favoring other assets over the world’s reserve currency.
Bennett predicts that Bitcoin may consolidate some more before finding a bottom around the $57,000 level.
From there, he 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 and breakout here, it’s back to $64,000. That would be the next big test for bulls. Let’s see,” he adds.
Earlier this month, Bennett said that the cryptocurrency could next find support in the $58,000 to $60,000 range.
Talking about Ethereum ETHER/USD, Bennett says that the second-biggest crypto by market cap is in the middle of a breakout that could see it clock as much as 362% worth of gains in the coming months from its current price of $4,247.
Related Link: Ethereum Reaches Blue Skies While Bitcoin Attempts A Break Out: What's Next For The Cryptos?
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