Weakness In U.S. Dollar Could Spark New Parabolic Rally For Bitcoin: Justin Bennett

Cryptocurrency analyst and trader Justin Bennett says if the U.S. dollar tanks that could kick off the parabolic phase for Bitcoin (CRYPTO: BTC). 

Bennet says he closely monitors the U.S. dollar index (DXY), which compares the USD to a basket of other major fiat currencies. 

A weaker dollar generally suggests investors are favoring other assets over the world’s reserve currency.

Bennett predicts that Bitcoin may consolidate some more before finding a bottom around the $57,000 level. 

From there, he suggests Bitcoin breaks out in early November and gets above $75,000 halfway through the month.

“BTC consolidation continues. If the market can deviate from the September pullback and breakout here, it’s back to $64,000. That would be the next big test for bulls. Let’s see,” he adds. 

Earlier this month, Bennett said that the cryptocurrency could next find support in the $58,000 to $60,000 range.

Talking about Ethereum (CRYPTO: ETHER), Bennett says that the second-biggest crypto by market cap is in the middle of a breakout that could see it clock as much as 362% worth of gains in the coming months from its current price of $4,247.

Related Link: Ethereum Reaches Blue Skies While Bitcoin Attempts A Break Out: What's Next For The Cryptos?