Bitcoin trades flat as a recent miner sell off and the expiration of derivatives contracts hold the digital asset below the $30,000 mark.
that highlighted a surge in miners sending large volumes of BTC to exchanges.
"The historical correlation between bitcoin and the U.S. Dollar Index is mixed, similar to its correlation with the SP500, Nasdaq Composite Index, and major financial indices. While some consider bitcoin a safe-haven asset during periods of opposite movement with the DXY, this is not always the case," he added.
The economist said many indicators point toward a bull market starting in mid-2024. He noted the bitcoin halving, expected to occur in April 2024, could coincide with the SEC's timeframe to make decisions on whether to approve multiple spot bitcoin ETFs.
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