[Bitcoin’s “Golden Ratio” Correlation Predicts Bitcoin’s Next Parabolic Rally]
Bitcoin (BTC) price is starting to recover after a period of consolidation. On August 9, cryptocurrency trading expert TradingShot shared a Bitcoin price prediction on TradingView, based on the analysis of the "golden ratio", pointing out the correlation between Bitcoin price and the Gold/Russell 2000 Index (GOLD/RUT) ratio sex.
According to this analysis, Bitcoin typically enters a parabolic advance when the GOLD/RUT ratio peaks and begins to form lower highs. Historically, this pattern has been validated following the Bitcoin halvings in 2016 and 2020, ultimately pushing Bitcoin to nearly $20,000 in 2017 and around $68,000 in 2021.
According to the latest data, the GOLD/RUT ratio may have peaked in April 2024. If the ratio starts to form lower highs, Bitcoin may soon enter the aggressive phase of the bull cycle with a target price range of $80,000 to $85,000. It may even reach $100,000 to $120,000 during this cycle.
Currently, Bitcoin is trading at around $60,637. If Bitcoin behaves according to predicted patterns, the next major price target could be between $80,000 and $120,000. However, investors should remain cautious and consider market volatility and other influencing factors.
