Does Bitcoin negatively correlate to the dollar
If Bitcoin needs to work, it must maintain a negative dollar correlation. But it needs to perform the way it should be consistent.
ChatGPT gave a reason that:
Bitcoin and the US dollar do not have a fixed correlation and can move independently of each other. However, historically, the value of Bitcoin has been negatively correlated to the value of the US dollar. This means that when the value of the US dollar increases, the value of Bitcoin tends to decrease, and vice versa. But this is not always the case, as the crypto market is highly volatile and many factors can impact on the value of Bitcoin, such as regulations, adoption, and market sentiment.
If Bitcoin will survive in the long term, it has to perform a negative correlation with the dollar index.
The past bull market has shown that Bitcoin has tracked the stock market particularly tech stocks which makes Bitcoin unsustainable and grow too fast to exhaust its momentum.
As a result, it crashes faster than any tech stock.
Bitcoin needs to focus on its fundamentals to bring back the narrative, or it will loss in the long term.
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This is so true, because I used to notice the reducing in the price of Bitcoin when dollar increases, and this past days that Bitcoin make a movement up, Dollar on the other hand, didn't move a bit.