Bitcoin's First Bull Signal in 2 Years Sparks Predictions of 2x Price Surge

Analysts see Bitcoin's first bull signal in 2 years as a sign of a price surge. Credit: EconoTimes

Thursday, August 15, 2024 5:44 PM UTC

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A pivotal Bitcoin bull signal has appeared for the first time in nearly two years, raising expectations for a potential doubling in price, as market indicators turn favorable.

Crucial Bull Signal Emerges for Bitcoin

For the first time in almost a year, a crucial bull signal appeared on the Bitcoin market, suggesting that prices could soon break out.

Actual Vision's lead crypto analyst, Jamie Coutts, spread the word about the global liquidity model's positive Bitcoin signal.

Based on this indication, Coutts anticipates a significant increase in the value of Bitcoin, as he stated in an X post from August 15th:

If you believe Coutts, this similar optimistic signal was the precursor of a six-fold increase in the price of gold in 2020 and a 19-fold increase in the price of Bitcoin in 2017.

Bitcoin Price Could Double Soon

Coutts predicts that the positive signal might cause the price of Bitcoin to surge by a factor of two to three.

Coutts explained that this is highly conditional on the US Dollar Index's (DXY) performance and general global liquidity.

In the near future, though, Bitcoin values might encounter obstacles. If Bitcoin doesn't bounce back above $60,000 by August 16 at 8:00 am UTC, more than $1.4 billion in options will expire, Cointelegraph shares.

Bitcoin could finally break $60,000. The global M2 money supply is growing at a steady rate.

As per Coutts, the global money base increased by $1.2 trillion due to the addition of $400 million by the Bank of Japan and $97 billion by the People's Bank of China to the system during the previous month.

As Coutts pointed out, the economics of the fractional reserve system make it probable that this pattern will persist.

Bitcoin Prices Tied to ETF Inflows

Nevertheless, the price of Bitcoin will be heavily influenced by the inflows from the previously stagnant US spot Bitcoin ETFs.

Following two days of positive inflows, ETF inflows turned negative on Aug. 14, with US ETFs seeing a cumulative negative outflow of $81 million, according to data from Farside Investors.