Real Vision analyst Jamie Coutts indicates that a weakening US dollar presents a bullish case for Bitcoin, despite warning signs emerging from two key metrics—Treasury Bond volatility and Corporate Bond spreads. As the dollar has dropped to a four-month low, Coutts describes Bitcoin's situation as a 'high-stakes game of chicken' with central banks, maintaining a cautiously bullish stance. He notes that while the MOVE Index, which measures expected volatility in the US Treasury market, is stable, it is rising, which could tighten liquidity and lead to stronger interventions by central banks that might favor Bitcoin. Additionally, widening corporate bond spreads could precede price tops for Bitcoin, indicating potential short-term weaknesses. Despite these concerns, Coutts remains optimistic about Bitcoin due to the dollar's significant decline, which he connects to broader risks for traditional assets and suggests could enhance Bitcoin’s position as a hedge. Other bullish factors include strategic acquisitions of Bitcoin by corporations and increased liquidity in the market.

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