" according to the efficient market hypothesis[1], you can expect the price of bitcoins in other currencies to be the same as the price in dollars adjusted by that currency exchange rate"
You're right, apart from market inefficiencies that's right.
But I'm proposing something else, to analyse the variation (which, of course, for BtcGBP is effectively BtcUSD * USDGBP) against other currencies to see if it's (for example, in this case the price of BTCUSD rising) if it's a dollar devaluation or if it's BTC that's increasing in value
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" according to the efficient market hypothesis[1], you can expect the price of bitcoins in other currencies to be the same as the price in dollars adjusted by that currency exchange rate"
You're right, apart from market inefficiencies that's right.
But I'm proposing something else, to analyse the variation (which, of course, for BtcGBP is effectively BtcUSD * USDGBP) against other currencies to see if it's (for example, in this case the price of BTCUSD rising) if it's a dollar devaluation or if it's BTC that's increasing in value