Carefully adopted crypto analyst Jamie Coutts says one indicator with a historical past of calling Bitcoin Q2-Q3 rallies is probably about to flash inexperienced for BTC.

Coutts tells his followers on the social media platform X that the greenback index (DXY), which measures the power of the US greenback towards a weighted basket of different main foreign currency echange, is a vital indicator to observe for Bitcoin.

DXY is commonly inversely correlated with threat property, rising once they dump and falling once they rally.

Based on Coutts, each summer season (June to September) Bitcoin rally has been sparked by a weakening greenback index.

“If there was one indicator to observe to see if this thesis is taking part in out accordingly, or not, I believe it might be the greenback. Each BTC summer season rally has been precipitated by a stronger greenback, which peaks and rolls over, which because it cascades decrease, sends BTC skyrocketing.”

With the DXY within the midst of an extended consolidation vary, Coutts says {that a} break beneath the 101 mark might be what kicks off a large rally for BTC.

“Presently, the DXY is trapped in a slender consolidation vary. A break above 107-108 would put critical stress on all threat property.

A break beneath 101 ought to see a transfer to the low 90s, which if that had been to happen, would possible ship BTC to $150,000 primarily based on earlier DXY strikes.”

At time of writing, Bitcoin is buying and selling at $67,759.

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