A weakening dollar will push Bitcoin to new heights.
Bitcoin (BTC) is trading at $ 11,370 on Monday, October 12th. The cryptocurrency rally took place over the weekend. The coin soared in price above $ 11,400.
Despite the ensuing pullback, bitcoin fundamentals continue to improve.
The rise of the largest digital currency is usually seen during times of the weakening of the US dollar. At the end of last week, the US currency began to fall in price, which was used by BTC, experts say.
Goldman Sanchs Bank predicts that the dollar is expected to weaken to a two-year low amid the US presidential election.
The dollar index is already declining, and after the presidential campaign, it may collapse to its lowest level since November 2018. It is at this time that the rise in the value of bitcoin is expected. Such a trend, for example, was observed in August, when against the background of the dollar index falling below 92 points, bitcoin jumped to $ 12,500.
Towards the end of 2020, the US currency index may fall below 90 points. At this time, a change in the tactics of investors is expected, which BTC should take advantage of.
Analysts from the Santimemt team draw attention to the increasing activity of bitcoin addresses. According to them, the number of wallets making transactions daily is approaching a three-year high. This scenario also signals the continued positive trend.