{"id":554066,"date":"2023-10-04T12:00:40","date_gmt":"2023-10-04T12:00:40","guid":{"rendered":"https:\/\/uniquehot.com\/?p=554066"},"modified":"2024-06-11T10:42:30","modified_gmt":"2024-06-11T10:42:30","slug":"crypto-brink-of-explosion-dxy","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-brink-of-explosion-dxy\/","title":{"rendered":"Crypto Is On The Brink Of Explosion As 9-Year DXY Formation Returns"},"content":{"rendered":"

An inverse correlation between the crypto market and the DXY has often helped to signal when a bull rally is on the horizon. One of the most notable instances of this happened 9 years ago, and since then, the formation has not returned, until now, signaling a massive price surge in October<\/a>.<\/p>\n

DXY Readies To Clock 12th Consecutive Candles<\/h2>\n

In an X (formerly Twitter) post<\/a>, crypto analyst TheCryptoMann has revealed an important formation in the DXY<\/a>. The DXY is the United States Dollar Index which measures the value of the dollar to other major (6) currencies around the world.<\/p>\n

Related Reading: 3 Reasons Why Shiba Inu Price Might See A Massive Surge Over 400%<\/a><\/div>\n

Now, since Bitcoin is often touted as an alternate and better currency to the likes of the US dollar, there is often some competition between them leading to an inverse correlation over the years. This is why this DXY formation is important.<\/p>\n

As TheCryptoMann points out, the DXY<\/a> is headed toward a 12th consecutive green candle which is bullish for the crypto market. This is because the last time that this happened was in 2014, and the results were very bullish for crypto.<\/p>\n

The analyst explains that when this happened in 2014, the DXY had fallen 8%. Crypto had then gone in the opposite direction, mounting a rather impressive rally. A look at the chart shows that in the year 2014, the crypto market went from $5.4 billion to over $8.2 billion, an over 50% surge in price.<\/p>\n

\"Crypto<\/p>\n

Total market cap jumps from $5.4 billion to $8.2 billion 2014 | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
A Bullish Time For Crypto<\/h2>\n
TheCryptoMann likens the current movement to what took place in 2014 and actually expects this movement to repeat once more. As he explains, the incoming correction in the DXY will see the crypto market explode as it did 9 years ago.<\/p>\n
He also points out that \u201cthe DXY is also being rejected from the 0.5 FIB Retracement level from its most recent local highs and lows!\u201d<\/p>\n
He further added:<\/p>\n
\n
There is a clear inverse correlation between the DXY and the cryptocurrency market. So over the next month, we\u2019re about to see some major price movements, so eyes on the market.<\/p>\n<\/blockquote>\n
Related Reading: Twitter IPO: Dogecoin Takes Center Stage In Elon Musk\u2019s X IPO Rumors<\/a><\/div>\n
Another analyst Cryptoinsighuk also seems to share the views of TheCryptoMann as he also believes<\/a> there is correction coming for the DXY<\/a>. \u201cAlso, whilst sentiment is this bad we are having the SBF trial. This is negative towards Crypto, tells me the bottom could be very close in this move,\u201d the analyst added.<\/p>\n
\n
Great thoughts.<\/p>\n
I also have some further technicals to add to this later. Just waiting for their confirmation.<\/p>\n
I think the $DXY<\/a> will soon turnover.<\/p>\n
Also, whilst sentiment is this bad we are having the SBF trial. This is negative towards Crypto, tells me the bottom could be\u2026 https:\/\/t.co\/QK13cnvOka<\/a><\/p>\n
\u2014 Cryptoinsightuk (@Cryptoinsightuk) October 4, 2023<\/a><\/p><\/blockquote>\n
If TheCryptoMann\u2019s forecast is correct, then the crypto market<\/a> could be getting ready for a massive move to the upside. A similar rally would see the total market cap<\/a> go from $1.065 trillion currently to over $1.5 trillion, signaling a bullish end to the year 2023.<\/p>\n
Featured image from The Motley Fool, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
An inverse correlation between the crypto market and the DXY has often helped to signal when a bull rally is on the horizon. One of the most notable instances of this happened 9 years ago, and since then, the formation has not returned, until now, signaling a massive price surge in October. DXY Readies To Clock 12th Consecutive Candles In an X (formerly Twitter) post, crypto analyst TheCryptoMann has revealed an important formation in the DXY. The DXY is the United States Dollar Index which measures the value of the dollar to other major (6) currencies around the world. Related Reading: 3 Reasons Why Shiba Inu Price Might See A Massive Surge Over 400% Now, since Bitcoin is often touted as an alternate and better currency to the likes of the US dollar, there is often some competition between them leading to an inverse correlation over the years. This is why this DXY formation is important. As TheCryptoMann points out, the DXY is headed toward a 12th consecutive green candle which is bullish for the crypto market. This is because the last time that this happened was in 2014, and the results were very bullish for crypto. The analyst explains that when this happened in 2014, the DXY had fallen 8%. Crypto had then gone in the opposite direction, mounting a rather impressive rally. A look at the chart shows that in the year 2014, the crypto market went from $5.4 billion to over $8.2 billion, an over 50% surge in price. Total market cap jumps from $5.4 billion to $8.2 billion 2014 | Source: Crypto Total Market Cap on Tradingview.com A Bullish Time For Crypto TheCryptoMann likens the current movement to what took place in 2014 and actually expects this movement to repeat once more. As he explains, the incoming correction in the DXY will see the crypto market explode as it did 9 years ago. He also points out that \u201cthe DXY is also being rejected from the 0.5 FIB Retracement level from its most recent local highs and lows!\u201d He further added: There is a clear inverse correlation between the DXY and the cryptocurrency market. So over the next month, we\u2019re about to see some major price movements, so eyes on the market. Related Reading: Twitter IPO: Dogecoin Takes Center Stage In Elon Musk\u2019s X IPO Rumors Another analyst Cryptoinsighuk also seems to share the views of TheCryptoMann as he also believes there is correction coming for the DXY. \u201cAlso, whilst sentiment is this bad we are having the SBF trial. This is negative towards Crypto, tells me the bottom could be very close in this move,\u201d the analyst added. Great thoughts. I also have some further technicals to add to this later. Just waiting for their confirmation. I think the $DXY will soon turnover. Also, whilst sentiment is this bad we are having the SBF trial. This is negative towards Crypto, tells me the bottom could be\u2026 https:\/\/t.co\/QK13cnvOka \u2014 Cryptoinsightuk (@Cryptoinsightuk) October 4, 2023 If TheCryptoMann\u2019s forecast is correct, then the crypto market could be getting ready for a massive move to the upside. A similar rally would see the total market cap go from $1.065 trillion currently to over $1.5 trillion, signaling a bullish end to the year 2023. Featured image from The Motley Fool, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":554067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[12672,6664,26263,89564,10923,14690,89565,79522,89566,4312],"class_list":["post-554066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-bull-market","tag-crypto","tag-crypto-analyst","tag-crypto-bull-market","tag-crypto-market","tag-crypto-news","tag-crypto-vs-us-dollar","tag-dxy","tag-dyx-news","tag-us-dollar"],"acf":[],"yoast_head":"\nCrypto Is On The Brink Of Explosion As 9-Year DXY Formation Returns<\/title>\n<meta name=\"description\" content=\"An inverse correlation between the crypto market and the DXY has often helped to signal when a bull rally is on the 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Is On The Brink Of Explosion As 9-Year DXY Formation Returns","url":"http:\/\/uniquehot.com\/news\/crypto-brink-of-explosion-dxy\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/crypto-brink-of-explosion-dxy\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Crypto-market-explode-DXY.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Crypto-market-explode-DXY.jpeg?fit=2291%2C1309"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bull market","crypto","crypto analyst","crypto bull market","crypto market","crypto news","crypto vs us dollar","dxy","dyx news","us dollar"],"dateCreated":"2023-10-04T12:00:40Z","datePublished":"2023-10-04T12:00:40Z","dateModified":"2024-06-11T10:42:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Is On The Brink Of Explosion As 9-Year DXY Formation Returns\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-brink-of-explosion-dxy\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-brink-of-explosion-dxy\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Crypto-market-explode-DXY.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Crypto-market-explode-DXY.jpeg?fit=2291%2C1309\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bull market\",\"crypto\",\"crypto analyst\",\"crypto bull market\",\"crypto market\",\"crypto news\",\"crypto vs us dollar\",\"dxy\",\"dyx news\",\"us dollar\"],\"dateCreated\":\"2023-10-04T12:00:40Z\",\"datePublished\":\"2023-10-04T12:00:40Z\",\"dateModified\":\"2024-06-11T10:42:30Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/10\/Crypto-market-explode-DXY.jpeg?fit=2291%2C1309","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/554066"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=554066"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/554066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/554067"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=554066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=554066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=554066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}