Popular cryptocurrency analyst Benjamin Cowen has suggested that an indicator could help determine whether Bitcoin (BTC) will remain in the current bear market.

Expert cryptocurrency analyst Benjamin Cowen stated in a new video he posted on Youtube to his 764,000 subscribers that Bitcoin, the leading cryptocurrency, has historically been inversely proportional to the US Dollar Index (DXY).

The US Dollar Index is an indicator that measures the value of the dollar relative to a basket of foreign currencies, which consists of the currencies of the trading partners of the United States and is characterized as a basket. The senior analyst made the following statements in his statements on Youtube:

   "The rise of the US dollar is like a kind of wrecking ball. The rise in the value of the currency causes many things to fall. In general, you can see this as people fleeing to the questionable safety of the US dollar."


However, Benjamin Cowen stated that the dollar Index has been in a general macro uptrend since 2008. He also suggested that Bitcoin, the leading cryptocurrency, tends to correlate with the sharp upward movements of the dollar index in bear markets and vice versa. Senior analyst Benjamin Cowen said:

   “As I mentioned, when the price of the US dollar is in an uptrend, we would expect Bitcoin to remain in a more or less bear market or very early stages of the accumulation phase.”

Bitcoin, the flagship of the crypto money markets, started its upward movement after the announcement of the US inflation data, forcing the $ 25,000 band, but at the time of writing, it is trading at $ 21,029. The top-ranking cryptocurrency by market cap has fallen by more than 16% in the past five days. Following this, DXY has increased by about 2.3% over the past week.