On June 28, 2023 daily calculations indicated the US Dollar is expected to turn and trend higher. When the Dollar moves higher bitcoin will move lower, as shown in the chart below. During this move the Engrbytrade™ bitcoin model indicates bitcoin will move below 10,000. This will allow major banks to accumulate bitcoin and use it as a bank reserve for future central bank requirements. Upon completion of the banks accumulation of bitcoin at lower levels, bitcoin is then expected to move well above its November 2021 high in the coming years, just as the Euro moved from 0.56 in February 1985 to 1.40 in September 1992.
Stock chart courtesy of StockCharts.com.
