Bitcoin (BTC) has been creating all-time highs in the last two days due to increased demand from both retail and institutional traders. As of writing, the Bitcoin price was trading at $117,764, just 0.85% below the newly formed ATH of $118,856. A major ratio comparing BTC’s performance to that of the US dollar signals that the rally might not be over, and the $124,000 level might be reached soon.
Considering the recent collapse of the US dollar to the lowest level in three years, the Bitcoin price will likely continue with the upward trend because some investors view it to be a good option during currency devaluation. A recent CoinGape analysis also noted that a falling DXY was a bullish catalyst for Bitcoin gains.
Other events also increase the possibility of the Bitcoin price getting to $124,000. The Fed is reportedly considering having interest rate cuts in July, and when this happens, it will not only bode well for crypto assets, but it could further affect the performance of the dollar.