The U.S. Dollar Index (DXY) fell to 97.96 on Dec. 23, the lowest level in eleven weeks after Oct. 3.
The DXY is an index that measures the value of the USD relative to a basket of foreign currencies. The index's decline indicates the weakening of the dollar.
Generally, such news is considered bullish for Bitcoin (BTC) because the cryptocurrency is considered a hedge asset during times of dollar devaluation.
But there is one analyst who thinks there is no prospect of a bullish case for Bitcoin anytime soon.
Related: Longtime bull makes 'ugly' prediction for gold rival
Analyst doesn't see 'nuclear printing' in 2026
Global macro analyst Luke Gromen , well-known for his bullish stance on Bitcoin as a hedge against fiat debasement, recently said on his YouTube channel that he doesn't foresee a "nuclear printing"the next year.
It means the U.S. will not print a large quantity of U.S. dollars in 2026, as per Gromen.
Bitcoin is acting like a high-beta tech stock, not a safe haven, and near-term conditions could push its price lower before it can recover, Gromen said.
The cryptocurrency, in fact, reflects liquidity in the system and when money is tight, Bitcoin falls, he explained.
What's happening is that AI and robotics are making products cheaper, which is leading to deflation, he argued. But it puts pressure on equity prices.
Since Bitcoin also acts like a high-beta tech stock, he argued that it is also under pressure and could fall further.
Governments tend to address such economic crises with "nuclear printing," i.e., printing lots of money. But Gromen doesn't think the U.S. is going to take any such step in 2026.
"We do not think nuclear printing is coming in 2026."
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Analyst predicts Bitcoin bear market
Without money printing, the economic conditions indicate tightening. Worse, the U.S. tech companies face rising costs, power and grid limits for AI, and more competition from China , which adds pressure, he further added.
The analyst, therefore, remains bearish on Bitcoin in the near term and thinks it could drop lower.
However, he is still bullish on Bitcoin in the long term and expects a crisis later that could lead to "nuclear printing," which would be very positive for Bitcoin.
Bitcoin fell more than 2.5% in the last 24 hours to trade at $87,654.28 at the time of writing.
Related: Samson Mow 'fires' Wall Street analyst over Bitcoin prediction
This story was originally published by TheStreet on Dec 23, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
