Analyst Kevin Svenson warns of the negative impact of the rising dollar on the BTC rate

The expert allowed the value of the first cryptocurrency to fall to $18 600

06.09.2022 - 10:35

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1 min

What’s new? Cryptocurrency analyst Kevin Svenson posted a warning on Twitter about a possible downward movement of bitcoin. According to Svenson, the US dollar soared to its highest level in 20 years, and bitcoin fell below the diagonal support level that has kept the asset afloat since its June lows of $17 600.

As of right now it just looks like continuation unless we were to bounce back above the trendline.#Bitcoin pic.twitter.com/LhcQVNLAhz— Kevin Svenson (@KevinSvenson_) September 3, 2022

What other statements have been made? Svenson admits to a bearish scenario for bitcoin because he believes that the US dollar index (DXY), which tracks the value of the dollar against a basket of fiat currencies, is still in a strong uptrend. If the dynamics continue, bitcoin could hit lows of $18 600.

As of September 6, 10:00 UTC, BTC is trading at $19 918, up by 0,68% per day, according to Binance. DXY is 109,66, down by 0,15% overnight, according to Investing.com.

In June, Svenson called altcoin with 100-fold growth potential. He stated that should the Ethereum rate fall to the $500-700 range, the Chainlink (LINK) price would fall to the $2-3 level. At the same time, according to the trader, in the next few years, LINK will bring a 100-fold return if one buys the asset in this price range.

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