Cryptocurrency analyst Sweep revealed that 20 Bitcoin indicators are simultaneously issuing bullish signals, suggesting an upward trend in Bitcoin's price. Based on this, the analyst predicts that Bitcoin's price could surge to $150,000, setting a new all-time high.
20 Bitcoin indicators suggest the price will rise to $150,000.
In an X post, Sweep pointed out that 20 independent indicators simultaneously showed bullish signals. He noted that this has only happened three times in Bitcoin's history, and each time it was followed by a 300% increase. The first of these 20 indicators is the global M2 money supply, which just hit an all-time high, while Bitcoin's price is still lagging behind.
Sweep further shows that the US dollar index has fallen to 100, a level where the previous two 500% gains occurred. Another positive sign is that Bitcoin exchange reserves have fallen to a seven-year low, with all cryptocurrency exchanges holding only 2.1 million Bitcoins. This decline in exchange reserves is attributed to whale buying 270,000 Bitcoins in 30 days, the largest buying spree since 2013.
Another bullish indicator is the Fear & Greed Index, which has been in a state of extreme fear for 46 consecutive days and is currently at 12. Bitcoin's weekly Relative Strength Index (RSI) is at 27.48, the third time in history it has fallen to such a low level. Furthermore, funding rates have been negative for several weeks, meaning traders need to pay fees to short Bitcoin.
Meanwhile, Sweep also noted that stablecoin supply has reached an all-time high of $320 billion, but remains largely idle. Miners have been in capitulation for four consecutive months, the longest such period in this cycle. At the same time, hashrate is recovering from a 22% drop.
A macro perspective on Bitcoin
Swip cited several positive macroeconomic indicators, such as the Federal Reserve ending its quantitative tightening policy, reducing its reverse repurchase operations from $2.5 trillion to near zero, and resuming purchases of Treasury bonds. Additionally, the consumer confidence index is at its second-lowest level in 70 years, while the ISM manufacturing index has resumed expansion for the first time in 40 months.
Another positive indicator is that Bitcoin ETF inflows turned positive in March, reaching $2.5 billion. SoSoValue data suggests that BTC ETFs are poised to end four consecutive months of outflows. Sweep points out that BTC has just experienced five consecutive months of decline, a situation that has only occurred once before, followed by a 308% rebound. Finally, 92% of short-term holders are currently at a loss.
Analysts point out that the last time so many signals appeared simultaneously was in November 2022, when Bitcoin was trading at $16,000. Since then, Bitcoin's price has surged to an all-time high of $126,000.
According to CoinMarketCap data, as of press time, the price of Bitcoin was approximately $67,500, having declined in the past 24 hours.
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