Analysis: Bitcoin Could See a Rebound Similar to 2023

BlockBeats News, April 16th, reported by Cointelegraph, after breaking below the key psychological level of 100, the US Dollar Index (DXY) is hovering near multi-year lows. Trader BitBull stated that DXY is currently experiencing its fastest decline since 2023. BitBull drew a comparison between the current market trend and the performance of Bitcoin back then, pointing out that in early 2023, Bitcoin and altcoins were rebounding from the lows of the 2022 bear market. At that time, BTC had already bottomed in the fourth quarter of 2022 and had risen over 200% within a year.

Meanwhile, Andre Dragosch, European Research Director at asset management firm Bitwise, highlighted that Goldman Sachs' research still suggests that DXY has further downside potential in the future.