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In recent discussions surrounding Bitcoin (BTC) and its potential future price trajectory, crypto-enthusiasts and analysts alike are finding new correlations to dissect. Most notably, a correlation with the EURUSD pair (the euro against the US dollar) has come into the spotlight due to a Twitter thread by esteemed analyst Josh Olszewicz.

Olszewicz begins by setting the stage, drawing attention to the widely acknowledged inverse correlation between Bitcoin and the DXY (US Dollar Index). He notes, “Most are aware of the strong historic BTC-DXY inverse correlation. DXY is a USD index against a basket of currencies which has a EURUSD weighting of around 58%. So the BTC-EURUSD correlation should also be relatively high.”

Will Bitcoin Price Follow EURUSD?

What’s intriguing here is the observation Olszewicz makes about the BTC-EURUSD correlation in the period following the pandemic and the last Bitcoin halving. He mentions that the “post-pandemic (post-halving) EURUSD pair has led BTC in both the bullish and bearish direction by anywhere from a month to a full year.”

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This pattern, if it continues to persist, might spell some bearish tendencies for Bitcoin. Olszewicz goes on to suggest that, “If this relationship continues to hold, BTC should break down towards the BTFP low of $20k.” This statement is a significant one, indicating a potential substantial drop from its current position, all based on the movement patterns of the EURUSD.

Related Reading: New Bitcoin Prediction: Analyst Backs BTC To Reach $34,500 In 2024

Further supporting this projection, he highlights a technical pattern observed in both BTC and EURUSD, stating, “the EURUSD has completed a bearish H&S, similar to BTC, providing technical fuel for further downside.” A ‘bearish H&S’ refers to the bearish ‘head and shoulders’ pattern, a chart formation that predicts a bullish-to-bearish trend reversal.

However, it’s not all gloom and doom. Olszewicz does provide a glimmer of hope for Bitcoin bulls. He posits, “If you’re bullish on BTC here, you’re either hoping this relationship weakens/breaks, or the EURUSD begins to strengthen instead of continuing to weaken.”

BTC’s Second High Does Not Fit

Olszewicz also touches upon some “tin foil” speculations, discussing how the BTC-EURUSD correlation had been seemingly disrupted during Bitcoin’s second high in November 2022. He suggests that the continued fall of EURUSD did not immediately impact Bitcoin’s bullish trend, speculating that actions from major crypto players like 3AC, FTX/Alameda, and the Anchor BTC reserve might have played a role.

Related Reading: Coinbase Holds $25 Billion Worth Of Bitcoin, Becomes Largest Holder With 1M BTC

He states, “It is both possible and likely that the funny business behind the scenes by 3AC & FTX/Alameda, as well as the Anchor BTC reserve, helped delay the inevitable bearish trend by about a year.”

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While correlations can provide insight, they are by no means a guarantee of future market movements. Investors should exercise caution and conduct their own research when making investment decisions. Rose Premium Signals added, “interesting observation about the BTC-EURUSD correlation. It’s essential to consider multiple factors in crypto analysis. The relationship could indeed evolve, impacting BTC’s future movements.”

At press time, BTC stood at $26,180.

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Featured image from iStock, chart from TradingView.com

Cryptocurrency exchanges review:

#1 <a href=https://www.okx.com/join/ETHEREUMPRICE>OKX</a> - 24h Volume: $ 1 097 255 972.
OKX is an Hong Kong-based company founded in 2017 by Star Xu. Not available to users in the United States.

#2 <a href=https://partner.bybit.com/b/buy_and_hold_Bitcoin>ByBit</a> - 24h Volume: $953 436 658.
It is headquartered in Singapore and has offices in Hong Kong and Taiwan. Bybit works in over 200 countries across the globe with the exception of the US.

#3 <a href=https://www.gate.io/signup/BVRBAwhb?ref_type=103>Gate.io</a> - 24h Volume: $ 643 886 488.
The company was founded in 2013. Headquartered in South Korea. Gate.io is not available in the United States.

#4 <a href=https://www.mexc.com/ru-RU/auth/signup?inviteCode=1S6zq>MEXC</a> - 24h Volume: $ 543 633 048.
MEXC was founded in 2018 and gained popularity in its hometown of Singapore. US residents have access to the MEXC exchange.

#5 <a href=https://www.kucoin.com/r/af/QBSY9291>KuCoin</a> - 24h Volume: $ 513 654 331.
KuCoin operated by the Hong Kong company. Kucoin is not licensed to operate in the US.

#6 <a href=https://www.huobi.com/invite/en-us/1f?invite_code=9pp93223>Huobi</a&g
t; - 24h Volume: $ 358 727 945.
Huobi Global was founded in 2013 in Beijing. Headquartered in Singapore. Citizens cannot use Huobi in the US.

#7 <a href=https://www.bitfinex.com/sign-up?refcode=69dnLE0LE>Bitfinix</a> - 24h Volume: $ 77 428 432.
Bitfinex is located in Taipei, T'ai-pei, Taiwan. Bitfinex is not currently available to U.S. citizens or residents.

My bitcoin-blog: https://sites.google.com/view/bitcoin-potential-growth/
=)

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- The Graph price prediction is bullish for the next month and suggests upside reversal is possible.
- GRT price is trying to climb the 50-day EMA to reverse the short-term trend.
- The Graph crypto price showed initial signs of a bullish trend reversal.

The Graph price prediction is bullish for October 2023. It suggests that buyers are active near $0.0800 and trying their best to rebound.

GRT price is near to the 50-day EMA and buyers are attempting to break the EMA hurdle. If they succeed, then the confirmation of the short-term trend reversal will be visible. However, the price is still below the 200-day EMA denotes the positional trend is still down.

For the past few weeks, GRT crypto has been stuck in a narrow range and formed a short-term base. So, the downside risk looks limited.

Recently, GRT price took support near $0.0761 and bounced back with a high volume. It recovered approximately 20% from the low and is trying to break the $0.0900 hurdle.

If the buyers succeed in breaking the $0.0900 hurdle, then a sharp rise may come which will take the price to $0.1100.

The Graph price is trading at $0.0877 with an intraday rise of 0.23%. The 24-hour volume to market cap is 2.44%. The pair of GRT/BTC is trading at 0.00000329 with a flat basis.

Will The Graph Price Continue the Recovery?

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GRT/USDT daily chart by TradingView

The Graph price prediction favors the bulls and suggests a rise in the coming months. The bulls are being active and a minor sell-off is getting absorbed.

It indicates that buyers are returning to track. Meanwhile, the overall crypto market is recovering so it may positively impact the prices of GRT and other altcoins.

Till the GRT price sustains above $0.0761 the probability of the upside reversal is high. However, the prices will pick up momentum when buyers can break the $0.0996 hurdle.

The analysis suggests that buyers are active and recovery might continue in the coming months.

GRT Price Analysis on Weekly Time Frame

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GRT price formed a bullish hammer candle on a weekly time frame. If buyers succeed in giving the follow-up momentum, then the GRT might outperform in October 2023.

The price behavior is quite stable so speculative activities are less and genuine buyers are available.

The MACD curve slopes upwards and generates a positive crossover. It indicates mild bullishness and buyers’ confidence is visible. The RSI at 48 denotes a neutral zone and an equal level of tug-of-war between buyers and sellers.

Conclusion

The Graph price prediction is bullish for the long term and suggests a rise in the coming months. GRT price formed a strong base and showed signs of reversal.

The analysis suggests that GRT crypto is turning bullish and recovery is likely to continue next month.

Technical levels
Resistance levels: $0.0996 and $0.1101
Support levels: $0.0761 and $0.0700

Cryptocurrency exchanges review:

#1 <a href=https://www.okx.com/join/ETHEREUMPRICE>OKX</a> - 24h Volume: $ 1 097 255 972.
OKX is an Hong Kong-based company founded in 2017 by Star Xu. Not available to users in the United States.

#2 <a href=https://partner.bybit.com/b/buy_and_hold_Bitcoin>ByBit</a> - 24h Volume: $953 436 658.
It is headquartered in Singapore and has offices in Hong Kong and Taiwan. Bybit works in over 200 countries across the globe with the exception of the US.

#3 <a href=https://www.gate.io/signup/BVRBAwhb?ref_type=103>Gate.io</a> - 24h Volume: $ 643 886 488.
The company was founded in 2013. Headquartered in South Korea. Gate.io is not available in the United States.

#4 <a href=https://www.mexc.com/ru-RU/auth/signup?inviteCode=1S6zq>MEXC</a> - 24h Volume: $ 543 633 048.
MEXC was founded in 2018 and gained popularity in its hometown of Singapore. US residents have access to the MEXC exchange.

#5 <a href=https://www.kucoin.com/r/af/QBSY9291>KuCoin</a> - 24h Volume: $ 513 654 331.
KuCoin operated by the Hong Kong company. Kucoin is not licensed to operate in the US.

#6 <a href=https://www.huobi.com/invite/en-us/1f?invite_code=9pp93223>Huobi</a&g
t; - 24h Volume: $ 358 727 945.
Huobi Global was founded in 2013 in Beijing. Headquartered in Singapore. Citizens cannot use Huobi in the US.

#7 <a href=https://www.bitfinex.com/sign-up?refcode=69dnLE0LE>Bitfinix</a> - 24h Volume: $ 77 428 432.
Bitfinex is located in Taipei, T'ai-pei, Taiwan. Bitfinex is not currently available to U.S. citizens or residents.


My bitcoin-blog: https://sites.google.com/view/solana-sol-potential-growth/
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