Crypto analyst, Kevin Svenson, alerts Bitcoin holders of the danger in store for them as the US dollar keeps growing in value. The US dollar has recently attained a new value that has not been seen in two decades. The prediction on USD shows that this value would keep increasing and would eventually be a strong uptrend relative to fiat currencies.
Kevin has amassed followers of 113K on Twitter due to his timely and accurate Bitcoin calls. In a tweet where he posted the bitcoin chart and captioned the tweet with an uncertainty and bearish view on Bitcoin’s movement. He noted that this Bitcoin dip would continue unless we could bounce back over the resistance.
The tweet gained a lot of engagement as people shared their views on the current Bitcoin market. One analyzed a massive dump that would occur if Bitcoin was to break that resistance — a situation where many investors would sell off if the price of Bitcoin rises.
Kevin went on to note that the increase in the value of USD would be a big hindrance to Bitcoin’s pump. He said if the surge in USD continues, we will witness Bitcoin going below $20,000 and reaching the $18,000 mark.
Fear And Uncertainty In The Market
FUD (Fear, Uncertainty, and Doubt) in this current bear market has caused investors to sell off their assets and run to the US dollar for safety.
The beginning of the bear market saw huge losses as Bitcoin went from $68,000 to $20,000. Many fear this dip season is not over, as speculations have been thrown around that Bitcoin could still go below the $15,000 mark.
However, some fear they will record more losses if they continue holding. At the same time, some analysts are very skeptical about Bitcoin’s movement. If Bitcoin was to break the resistance and go above the $20,000 mark, there would be a huge sell-off and dump, and investors who recently bought into the market would be used as exit liquidity.
This FUD has caused instability in the Bitcoin market, where investors are deliberating about selling off or buying into the market.
Kevin still keeps a close watch on the crypto market. He noted that the US dollar Index still has more fuel to go above the 15% pump, which is dangerous for Bitcoin. A higher high on the US dollar index is a lower low for Bitcoin.