Crypto analyst Sweep has revealed that 20 Bitcoin Indicators have been bullish at the same time, providing a bullish outlook for the leading crypto. Based on this development, the analyst has predicted that BTC could rise to $150,000, which would mark a new all-time high (ATH).
20 Bitcoin Indicators Point to a Rally to $150,000
In one X messageSweep stated that twenty independent indicators are bullish at the same time. He noted that this has only happened three times Bitcoin’s historyand each time was followed by a 300% rally. The first of these indicators is the global M2 money supply, which has just reached an all-time high (ATH), while BTC is still lagging behind.
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The sweep also showed that the Dollar Index is at 100, exactly the level that preceded a 500% rally twice before. Another bullish indicator is that BTC’s foreign exchange reserves have fallen to a seven-year low, with only 2.1 million BTC left across all crypto exchanges. The decline in these foreign exchange reserves came as whales bought 270,000 BTC in 30 days, the largest accumulation wave since 2013.
Another bullish indicator is that the Fear and Greed index has remained stuck in extreme fear for 46 days in a row, currently at 12. Bitcoin’s weekly RSI stands at 27.48, the third time in history it has been this low. Furthermore, financing rates have been negative for weeks, with traders paying fees to short BTC.
Meanwhile, Sweep also mentioned that stablecoin supply has reached an all-time high of $320 billion, while supply remains on the sidelines. Miners have been capitulating for four months in a row, the longest stretch in this cycle. At the same time, the hash rate recovers from a 22% decline.
The macro angle for BTC
Sweep mentioned bullish macro indicators, such as the Fed ends quantitative tighteningreducing the reverse repo from $2.5 trillion to almost zero and resuming government bond purchases. Moreover, consumer confidence is in the second lowest zone on record in seventy years of data, while ISM production is growing again for the first time in forty months.
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Another bullish indicator is that the Bitcoin ETF flows turned positive in March, with inflows of $2.5 billion. SoSoValue data shows that the BTC ETFs are on track to end a streak of four consecutive months of outflows. Sweep mentioned that BTC just pushed 5 consecutive red monthly candles, which only happened once and led to a 308% rally afterwards. Finally, 92% of short-term holders are underwater.
The analyst noted that the last time so many signals aligned was in November 2022, when Bitcoin was trading at $16,000. Since then, BTC has been pumped to a new ATH of $126,000.
At the time of writing, the Bitcoin price is trading around $67,500, down in the past 24 hours. facts from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com