Bitcoin (BTC) price forecast: Dollar bearish positioning hits highest since 2012.
Bank of America's survey shows dollar bearish bets at a decade high, which historically suggests a bullish tailwind for Bitcoin, but recent correlation complicates this.Summary
Bank of America's (BofA) February survey indicates that investor positioning against the U.S. dollar is at its most negative level since early 2012, marking a record underweight. This extreme bearishness is typically a bullish signal for Bitcoin (BTC) because the cryptocurrency historically moves inversely to the dollar; a weaker dollar makes BTC cheaper and eases global financial conditions. However, the article notes a recent, unusual positive correlation between the DXY and BTC since early 2025, meaning a further dollar slide might not benefit Bitcoin. Conversely, this crowded bearish trade increases the risk of volatility; any unexpected dollar bounce could trigger a sharp short-covering rally, potentially dragging BTC higher alongside it.
(Source：CoinDesk)