Dollar Index Plummets as Bitcoin Shows Promise for a Rebound

The U.S. Dollar Index (DXY) has taken a significant dip below the critical mark of 100, nearing multi-year lows, according to Odaily. Andre Dragosch, Head of European Research at Bitwise asset management firm, points out that Goldman Sachs predicts further downside for DXY. Trader BitBull highlights that the DXY is experiencing its fastest decline since 2023. This momentum aligns with Bitcoin and altcoins’ rebound from the 2022 bear market lows. Bitcoin hit a nadir in Q4 of 2022 and has since surged over 200% within a year, showcasing the potential for another strong rally in 2023. This optimism is fueled by the Dollar’s weakening trend.