20 Bullish Bitcoin Indicators Signal Potential Price Surge to $150,000

Crypto analyst Sweep has identified that 20 separate Bitcoin indicators are currently showing bullish signals, leading to an optimistic outlook for the leading cryptocurrency. Given these indicators, Sweep predicts that Bitcoin (BTC) could potentially surge to $150,000, setting a new all-time high.

Key Takeaways

20 Bullish Indicators: Sweep identifies 20 bullish signals that could lead Bitcoin to $150,000.
Historical Precedence: Similar indicators have prompted 300% rallies in the past.
Exchange Reserves: BTC exchange reserves have hit a seven-year low, with significant whale buying activity.
Falling Fear and Greed Index: The index has been stuck in extreme fear, suggesting potential for a price surge.
Stablecoin Supply High: A record stablecoin supply signals significant capital waiting to invest in Bitcoin.
Positive Macro Factors: Economic conditions, including fluctuating Fed policies and positive ETF inflows, support a bullish outlook for Bitcoin.

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Analyzing 20 Bullish Indicators for BTC

Sweep highlighted in a recent post on X that the occurrence of 20 independent bullish indicators simultaneously is a rare event in Bitcoin’s history, having only happened three times before, each resulting in a 300% price rally. The first noteworthy indicator is the Global M2 money supply, which has recently reached an all-time high (ATH), while Bitcoin prices remain comparatively low.

Additionally, Sweep pointed out that the Dollar Index has reached 100, a significant level that has historically preceded two 500% rallies. Another promising sign is the decline of Bitcoin's exchange reserves to a seven-year low, currently at just 2.1 million BTC across all exchanges. This reduction in reserves coincides with large investors, known as whales, purchasing 270,000 BTC in just 30 days, marking the most significant accumulation wave since 2013.

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Source: Chart from Sweep on X

Other indicators showing optimism include the Fear and Greed Index, which has remained in the extreme fear territory for 46 consecutive days, currently at a level of 12. The weekly Relative Strength Index (RSI) for Bitcoin has hit 27.48, marking the third instance of such a low reading in its history. Furthermore, funding rates have remained negative for several weeks, leading traders to incur fees for shorting BTC.

Sweep also noted that the stablecoin supply has surged to an all-time high of $320 billion, suggesting that there lies a significant amount of capital on the sidelines waiting to enter the market. Miners have been experiencing capitulation for four months, the longest period seen this cycle, even as Bitcoin's hash rate starts to recover from a 22% decline.

Macro Factors Favoring Bitcoin

Several macroeconomic factors also present a bullish case for Bitcoin. Sweep indicated that the Federal Reserve has concluded its quantitative tightening, reducing reverse repos from $2.5 trillion to nearly zero, and has resumed purchasing Treasury bills. Consumer confidence is currently in one of its lowest recorded zones in 70 years, while ISM manufacturing has returned to expansion after 40 months.

Additionally, Bitcoin ETF inflows have turned positive in March, registering at $2.5 billion. Data from SoSoValue indicates that BTC ETFs are poised to break a streak of four months of outflows. Sweep pointed out that Bitcoin recently delivered five consecutive red monthly candles—a rare occurrence that has previously led to a 308% rally. Currently, 92% of short-term holders are experiencing losses.

The analyst remarked that the last time such a multitude of indicators aligned was in November 2022, when Bitcoin was trading around $16,000. Since then, BTC has soared to a new ATH of $126,000.

As of this writing, Bitcoin is trading at approximately $67,500, reflecting a decline in the past 24 hours, according to CoinMarketCap data.

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BTC trading at $66,696 on the 1D chart | Source: BTCUSDT on Tradingview.com