{"id":127311,"date":"2025-04-16T16:17:55","date_gmt":"2025-04-16T16:17:55","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=127311"},"modified":"2025-04-16T16:17:55","modified_gmt":"2025-04-16T16:17:55","slug":"bitcoin-tipped-for-2023-style-rebound-as-goldman-says-dollar-overvalued","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=127311","title":{"rendered":"Bitcoin tipped for 2023-style rebound as Goldman says dollar 'overvalued'"},"content":{"rendered":"

Source: Cointelegraph.com NewsBitcoin (BTC) centered on $84,000 at the April 16 Wall Street open amid hopes that a weak US dollar would fuel a bull market comeback.BTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView
\nBitcoin analysis calls for 2023 rally repeat
\nData from Cointelegraph Markets Pro and TradingView showed BTC\/USD consolidating after a swift comedown from local highs the day prior.
\nThat volatility had accompanied ongoing developments in the US-China trade war, with crypto and risk assets staying sensitive to headlines and statements from parties such as US President Donald Trump.
\nThe S&P 500 and Nasdaq Composite Index traded down 1.4% and 2.2%, respectively, at the time of writing.
\nGold remained the standout winner, having set new all-time highs above $3,300 per ounce on the day.
\n\u201cUnlike gold, BTC has not caught a safe-haven bid,\u201d trading firm QCP Capital summarized in its latest bulletin to Telegram channel subscribers.\u00a0
\n\u201cThe \u2018alternative store of value\u2019 narrative isn’t gaining traction in the current macro regime. Positioning remains defensive. Participants are still focused on hedging their downside until greater clarity emerges.\u201d
\nGold\/USD price 1-hr candle chart. Source: Cointelegraph\/TradingViewLooking for potential tailwinds, market participants focused on the US dollar\u2019s inability to reclaim prior support after sliding precipitously as the trade war took hold.
\nThe US dollar index (DXY) hovered near multiyear lows after rejecting at the psychologically significant 100 mark.
\nUS Dollar Index price 1-hr candle chart. Source: Cointelegraph\/TradingView\u201cDXY is dropping at its fastest pace since 2023,\u201d popular trader BitBull told followers in a post on X.
\nBitBull drew comparisons to BTC price performance from the time, with early 2023 seeing Bitcoin and altcoins emerge from the pit of the 2022 bear market.
\n\u201cBack then, $BTC had already bottomed (Q4 2022) and went on to rally 200%+ within a year,\u201d he continued.
\n\u201cI guess it\u2019s time for btc to repeat the 2023-24 rally.\u201d
\nSource: X\/@AkaBull_Andre Dragosch, European head of research at asset management firm Bitwise, meanwhile flagged Goldman Sachs research seeing further DXY downside to come.
\n\u201cNOTE: US Dollar is still significantly overvalued according to GS,\u201d he commented alongside a Goldman chart of dollar strength versus US growth performance.\u00a0
\n\u201cLots of room for USD depreciation = upside potential for BTC to re-rate.\u201d
\nSource: X\/@Andre_DragoschBTC price gives cautious bullish hints
\nBitcoin traders eyed various positive chart signals on the day, with these including a potential bottom formation on the 4-hour chart.
\nRelated: Can 3-month Bitcoin RSI highs counter bearish BTC price ‘seasonality?’
\n\u201cForming an Inverse Head & Shoulders Pattern on the 4H timeframe, if we manage to hold a Higher Low in the coming days,\u201d popular trader Luca suggested.
\nSource: X\/@MirageMogulCrypto trader, analyst and entrepreneur Micha\u00ebl van de Poppe hoped for a fresh retest of resistance, for him one of two key areas of interest.
\n\u201cBitcoin is still nicely consolidating between the two levels,\u201d he concluded.\u00a0
\n\u201cThe test at $87K did happen, and I think that we’ll see a big breakout once we’ll retest it again. What’s next? Likely a run to ATH at the end of this quarter.\u201d
\nSource: X\/@CryptoMichNLThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Source: Cointelegraph.com NewsBitcoin (BTC) centered on $84,000 at the April 16 Wall Street open amid hopes that a weak US dollar would fuel a bull market comeback.BTC\/USD 1-hour chart. Source:… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127311"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127311"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/127311\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127311"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}