Bitcoin is giving a strong bullish signal with the Golden Ratio correlation. Historically, this correlation has successfully predicted parabolic rallies. A possible bull run target range for Bitcoin is evaluated as $80,000 to $120,000.
Bitcoin (BTC) has begun to show signs of recovery after a long period of consolidation. On August 9, famous crypto analyst TradingShot made an important prediction about Bitcoin’s price movements on TradingView. In the analysis, this prediction, based on the “Golden Ratio” correlation, suggested that Bitcoin could enter a major uptrend in the near future.
The Golden Ratio correlation that TradingShot examined is based on the relationship between Bitcoin and the Gold/Russell 2000 (GOLD/RUT) ratio and has served as a reliable indicator in the past to accurately predict Bitcoin’s parabolic rallies. According to the analysis, this chart pattern is forming again, which means a significant rally could soon occur.
This significant correlation between Bitcoin’s price action and the GOLD/RUT ratio measures the relationship between Gold and the Russell 2000 Index. Historically, when the GOLD/RUT ratio peaks and then starts to make lower highs, Bitcoin usually enters a parabolic rally. This cyclical pattern suggests that the GOLD/RUT ratio acts as a predictive indicator of Bitcoin’s price direction, and when the ratio starts to decline, a strong rally in BTC could begin.
For example, following the block reward halving in 2016, Bitcoin reached a historic high of around $20,000 during the 2017 bull market. Similarly, following the block reward halving in 2020, Bitcoin rose to around $68,000 by the end of 2021. These historical patterns suggest that the current cycle could end in a similarly large rally.
Bitcoin Bull Run Targets
According to the latest data, the GOLD/RUT ratio may have peaked in April 2024. If the ratio starts making lower highs now, Bitcoin could soon enter the most aggressive phase of its bull cycle, which could be characterized by a sharp and rapid price rally. In this scenario, Bitcoin’s short-term target could be in the $80,000 to $85,000 range, which would be above the previous high of $73,000.
In the long term, if the parabolic rally gains significant momentum, Bitcoin could reach the $100,000 to $120,000 range this cycle. This target range is based on the historical magnitude of Bitcoin’s price movements following previous parabolic phases and especially block reward halvings.
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