Crypto Analyst Jamie Coutts Names Catalyst That Could Send Bitcoin to New All-Time Highs

A widely followed crypto analyst says Bitcoin (BTC) could rush to new all-time highs (ATHs) with a boost from one key driver.

In a new strategy session, crypto analyst Jamie Coutts tells his 10,200 followers on the social media platform X that the top crypto asset by market cap will surge to record highs if the DXY (U.S. Dollar Index) begins a downtrend.

“Bitcoin is stuck with the Dollar.

Chart: BTC vs DXY (inverted).

Once the DXY breaks 99.5-101 there is little support until the low 90’s.

BTC would likely reach new all-time highs in that scenario.”

Source: Jamie Coutts/X

The DXY is currently sitting at 103.1, a 0.4% decrease during the last day.

According to Coutts, the crypto king is susceptible to “mid-cycle overheating,” which he says happened during its last two cycles.

However, the analyst says that this time around, he expects the pull-back to be as brief and shallow as it was in 2016 as opposed to the deeper, more dramatic correction of March 2020.

“Mid-cycle overheating has been a feature of the last two Bitcoin cycles. This time was no different. The positioning in the derivatives market was almost cycle-peak-level insanity. The question is whether this pullback is more like 2016 or 2019. My bet is on the former.”

Source: Jamie Coutts/X

Bitcoin is trading for $40,800 at time of writing, a 2.1% increase during the last 24 hours.

Generated Image: Midjourney

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