Bitcoins
Crypto analyst Sweep has revealed that 20 Bitcoin indicators have flashed bullish at the same time, providing a bullish outlook for the leading crypto. Based on this development, the analyst has predicted that BTC could rally to $150,000, marking a new all-time high (ATH).
20 Bitcoin Indicators Hint At Rally To $150,000
In an X post, Sweep stated that 20 independent indicators are bullish at the same time. He noted that this has only happened three times in Bitcoin’s history, and each time was followed by a 300% rally. The first of this indicator is the Global M2 money supply, which just hit an all-time high (ATH) while BTC is still lagging.
Sweep further revealed that the Dollar Index is at 100, the exact level that preceded 500% rallies twice before. Another bullish indicator is that BTC’s exchange reserves have fallen to a 7-year low, with only 2.1 million BTC remaining across all crypto exchanges. The drop in these exchange reserves has come as whales bought 270,000 BTC over 30 days, the largest accumulation wave since 2013.
Another bullish indicator is that the Fear and Greed index has been stuck at extreme fear for 46 straight days, currently at 12. Bitcoin’s weekly RSI has printed 27.48, the third time in history that it has been this low. Furthermore, funding rates have been negative for weeks, with traders paying fees to short BTC.
Meanwhile, Sweep also mentioned that the stablecoin supply has hit an all-time high of $320 billion, with supply sitting on the sidelines. Miners have been in capitulation for 4 months straight, the longest stretch this cycle. At the same time, the hash rate is recovering from a 22% decline.
The Macro Angle For BTC
Sweep mentioned bullish macro indicators, such as the Fed ending quantitative tightening, draining the reverse repo from $2.5 trillion to nearly zero, and resuming purchases of Treasury bills. Furthermore, Consumer confidence is in the second-lowest zone ever recorded in 70 years of data, while the ISM manufacturing is back in expansion for the first time in 40 months.
Another bullish indicator is that the Bitcoin ETF flows have turned positive in March, with $2.5 billion in inflows. SoSoValue data shows that the BTC ETFs are on course to end a streak of four consecutive months of outflows. Sweep mentioned that BTC has just printed 5 consecutive red monthly candles, which has happened only once and led to a 308% rally afterwards. Lastly, 92% of short-term holders are underwater.
The analyst noted that the last time this many signals aligned was in November 2022, when Bitcoin was trading at $16,000. Since then, BTC has pumped to a new ATH of $126,000.
At the time of writing, the Bitcoin price is trading at around $67,500, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
Scott Matherson Read More