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Pundit Predicts Strong Recovery For Bitcoin As The Fed Pumps Brakes On The Dollar ⋆ ZyCrypto

Pundit Predicts Strong Recovery For Bitcoin As The Fed Pumps Brakes On The Dollar ⋆ ZyCrypto

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After nearly a year of crashing, Bitcoin may soon find a bottom as the Fed turns its attention to curbing the dollar’s rise.

Clem Chambers, CEO of Online Blockchain Plc, told Stansberry Research on Monday that the strong dollar was the main reason for the recent downturn in cryptocurrencies, forex, stocks and commodities. According to him, the greenback’s rampant run caused investors to buy non-denominated assets because it crushed their value.

“I think the Fed and those guys over there have decided that the dollar is strong enough and they’re not waiting for it to get stronger.” Clem said, suggesting that a weaker dollar could potentially catapult Bitcoin’s price.

“The dollar’s rampant development has suddenly stopped, and it’s no accident” He added that this was excellent news for crypto and other assets. In short, he didn’t think the dollar would strengthen from its current position, but it was likely to weaken.

However, he warned that it would take a little longer for the dollar effect to subside as the central bank seeks to pursue its aggressive monetary policy. He said that while the weaker dollar was a “big hairy deal” for crypto assets, investors should be prepared for a bumpy road that would likely end “probably in a year to 14 months.”

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After bottoming out in May, the US Dollar Index (DXY) went on a wild bull run as risk assets collapsed. Historically, DXY has been negatively correlated with Bitcoin because Bitcoin is still considered a commodity. In a recent interview with Bloomberg, FTX CEO Sam Bank man Fried was also quoted as saying that the strong dollar was the main reason for the collapse of the crypto market, blaming the Fed’s policies.

Nevertheless, despite bitcoin falling in the near term, Clem hopes the crypto-asset will find a bottom in the $20,000 region as the dollar pulls back. However, he warns that the price could fall again if the US currency remains high. According to him, if Bitcoin crosses the $17,000 threshold, it threatens to fall as low as $10,000.

TradingView BTCUSD Chart

20k could be the bottom, and I’ve always made a bad promise to myself to start buying around this level. But I can’t… I’m happy to sit here and watch… but that’s a pretty strong reason to be pretty close to the bottom,” he added. The expert also revealed that he would stay away from Ethereum due to the merger due to its unpredictable volatility.

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