Cryptocurrencies are not valued using the dollar, but since USD is the currency that the whole world uses to show the value of things if they are to be represented internationally, so do the exchanges and the platforms for cryptocurrencies including Bitcoin. So basically, Bitcoin isn't directly or indirectly connected with the dollar, but it is just that its value is counted with it.

So, as others already said, if USD devalues, that will only decrease its purchasing power and that wouldn't basically bring a significant change in the price of Bitcoin like it won't go to $29k from $28k or so, but it will need one to have more USD to buy the same amount of Bitcoin that one could buy with less USD earlier before the devaluation.

The price of Bitcoin and other cryptocurrencies can be influenced by many factors, including the value of the dollar. Fluctuations in the dollar's value can indirectly affect the price of Bitcoin, as the dollar is often used as a benchmark for other currencies and assets. However, it is important to note that the price of Bitcoin is also influenced by a wide range of other factors, such as supply and demand, market sentiment, and regulatory developments. Therefore, it is difficult to predict exactly how changes in the dollar's value will impact the price of Bitcoin.

More or less, it's indirect. When USD weakens, bitcoin becomes more valuable but when the opposite happens bitcoin is affected negatively, it is an influence but it's not a direct impact so the relationship of bitcoin and USD isn't something we shouldn't worry too much.

Let's say that it is indirectly affecting bitcoin's price. The factor that affects bitcoin price is its supply and demand and aside from that the news that circulates around the economy but its valuation through USD could have a bit of affection on it but barely felt.

Yeah, this is the summary that we can think of I guess. Remember that during the covid-19 pandemic started, most things are pretty low but then bitcoin has gone way up and did the opposite.

So, by that means, it's really unpredictable and with too many factors that affects the price of bitcoin that revolves around its own bitcoin economy.

Fiat currencies are also often valued in the USD. It's just used as a common point of reference because, given the US dominance in the world and the reliance of many countries on the USD reserves, it's presumed that most people are familiar with the value of dollar (they understand what sort of stuff can be afforded for $1, $15, $100, etc.), so it's it's convenient to measure value by using the price in the USD. However, the op is correct that the USD isn't actually completely stable and continues losing value. So Bitcoin costing $20k in 2017 and Bitcoin costing $20k in 2022 are two fairly different $20k. Adjusted for inflation, $20k in 2017 is around $24.5k now, actually. But considering that it's hard to account for this and also considering that the difference isn't huge over a small number of years, we just roll with it.

In my opinion, it is obvious that over time, due to inflation, the dollar will always lose its position compared to bitcoin, since dollars will continue to print further and their number will only increase, and there will be a limited amount of bitcoin, only 21 million. Although now they say a lot that inflation has been slowed down, you understand that there is a level of inflation that is shown to us and a real one that we every time see how the prices of goods and services rise.

Bitcoin is not pegged to the dollar. It mainly uses the USD as s refrrence point for its price to give the people a better impression of what bitcoin's value is at the moment, but that doesn't mean that the dollar's valuation is directly correlated to bitcoin's worth.

One good example that signifies this is when dollar plummetted to the ground last year. It experienced one of the worst inflations it has ever experienced in the past, and yet even though the public expected bitcoin to lose value during said timeframe, it pumped in value and continued to do so for a little while brfore stabilizing.

It should be noted that Bitcoin is a special cryptocurrency, and its volatility is often explained by many different factors, not just dollar value. The valuation of cryptocurrencies in dollars affects not only Bitcoin but also the entire crypto market. The value of a dollar exchange rate cryptocurrency will be calculated by dividing the value of that cryptocurrency by the dollar value at that time. So, if the dollar value increases, so will the value of the dollar exchange rate cryptocurrency, and vice versa. This can be explained by observing the investment in cryptocurrencies. For many investors, the dollar is still the standard currency and it is used to gauge the value of assets because of its stability. So, when the dollar increases in value, investors will tend to sell less cryptocurrencies and switch to invest in dollars or assets in general that are priced in dollars, leading to a decrease in the price of the currencies.