Bitcoin will recover similarly to 2023 as Goldman Sachs says USD 'overvalued'

! Bitcoin hovered around $84,000 when Wall Street opened on April 16 amid hopes that a weaker dollar would spur the return of a bull market.

! BTC/USD Chart – 1 hour | Source: TradingView## Analysis suggests 2023 rally will repeat

Data from TradingView shows that BTC/USD is consolidating after a rapid decline from its local peak the previous day.

The volatility comes with tense developments in the U.S.-China trade war, with cryptocurrencies and risky assets remaining sensitive to the statement from U.S. President Donald Trump.

The S&P 500 and Nasdaq Composite fell 1.4% and 2.2%, respectively, yesterday.

Gold remained the winner, setting a new record high above $3,300 an ounce.

“Unlike gold, BTC does not receive safe offers,” trading firm QCP Capital summarized in its latest newsletter to Telegram channel subscribers.

“The ‘store of value’ story is not attracting attention in the current macro situation. The position remains defensive. Participants remain focused on hedging until more clarity.”

! Gold/USD price chart – 1 hour | Source: TradingView In search of potential bullish momentum, market participants focused on the dollar’s inability to regain its previous support level after falling sharply since the trade war broke out.

The US dollar index (DXY) hovered near multi-year lows after rejecting the psychological 100 mark.

! US dollar index chart (DXY) – 1 hour | Source: TradingView “The DXY is falling at its fastest pace since 2023,” the BitBull trader told followers in the X post.

BitBull drew comparisons to BTC’s price performance at the time, with the beginning of 2023 seeing Bitcoin and altcoins exit the depths of the 2022 bear market.

"BTC bottomed out in Q4 2022 and continues to rise more than 200% within a year. It’s time for BTC to repeat the 2023-24 rally.

! Source: AkaBull_Trong then Andre Dragosch, head of European research at asset management firm Bitwise, flagged the Goldman Sachs report, suggesting that the DXY will continue to fall.

“NOTE: according to Goldman Sachs, the dollar is still overvalued,” he said, noting the dollar’s strength relative to U.S. growth performance.

“USD may continue to depreciate = BTC upside potential”.

! Source: Andre_Dragosch## BTC appears a cautious bullish signal

Bitcoin traders have been eyeing many positive signals, including the possibility of a bottom formation on the 4-hour chart.

“Formation of an inverted shoulder-head-shoulders pattern on the 4-hour timeframe, if we can hold a higher bottom in the coming days,” trader Luca suggested.

! Source: MirageMogulTrader, analyst and entrepreneur Michaël van de Poppe expects a retest of the new resistance level, which for him is one of the two main areas that people need to pay attention to.

“Bitcoin is still consolidating well between these two levels,” he concluded.

"A test of the $87,000 level has already occurred and we will see a big breakout when BTC tests it again. What’s next? There is likely to be a bounce towards ATH later this quarter.

! Source: CryptoMichNLBcan see BTC price here.

Disclaimer:** The article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.*

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Viet Cuong

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