Bitcoin has given a strong bullish signal after nearly two years.
After a hiatus spanning nearly two years, Bitcoin is reportedly showing a clear bullish signal for the first time, which could point to a potentially significant price increase for the cryptocurrency.
Jamie Coutts, chief crypto analyst at Real Vision, stated that the global liquidity model is giving a bullish signal for Bitcoin. In his statement on August 15, Coutts emphasized that this signal indicates that Bitcoin can rise to much higher levels.
âMy global liquidity momentum model (MSI) has signaled a bullish regime for the first time since November 2023. If you recall, Bitcoin rose 75% from November to April and then reverted to a bear trend,â Coutts said.
This type of bullish signal has been observed before in the 2017 and 2020 cycles. Coutts predicts that this signal could lead to a two- to three-fold increase in Bitcoinâs price, but this increase will depend on the US Dollar Index (DXY) falling below 101 and the general increase in global liquidity.
According to Coutts, in order for Bitcoin to reach this target, the global M2 money supply needs to exceed $120 trillion this cycle through the interventions of central banks.
On the other hand, Bitcoin prices may face some challenges in the short term. On August 16, $1.4 billion worth of Bitcoin options are set to expire, which could create additional selling pressure if Bitcoin fails to stay above $60,000.
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