Bitcoin's price has been stagnant between $60,000 and $70,000 for the past week.
Crypto analyst, TradingShot predicts an incoming parabolic rally for Bitcoin, which might take the cryptocurrency up to $100,000 soon.
The global bond yield pool reversal and the current oversold reading on the stochastic indicator are some of the biggest bullish signals
TradingShot foresees a new all-time high for Bitcoin within the next 12-13 months, which might see its price peak in May 2025.
Bitcoin has spent another week in the consolidation phase between $60,00 and $70,000 with no breaks, gains or losses in either direction.
The cryptocurrency, after making a new all-time high in March, has been eyeing the $100,000 mark, one of the strongest psychological price targets on the charts.
Let’s go why this target might be closer than anyone thinks, and why trading expert, TradingShot seems to think that Bitcoin is on the verge of a major price rally.
In a recent TradingView post, renowned analyst, TradingShot shared some interesting insights as to what might be going on with Bitcoin.
According to the analyst, Bitcoin is on the verge of entering one of the most aggressively bullish phases in the current bull cycle.
Here’s what he means.
First of all, TradingShot mentioned the global bond yield pool. The analyst noted that for the first time this year, the global bond yield pool has reversed to the upside.
Why is this important?
Historically, we have seen this price action precede most of Bitcoin's parabolic rallies and could be one of the first signs of an incoming bullish explosion.
Indicators on Bitcoin
Moreover, we have the issue of the dominant circulating liquidity and high-yield corporate bonds indicator, both of which have also reversed to the upside after bottoming out.
TradingShot highlighted that we saw similar bottoms in April 2020, October 2016, and July 2012 all of which happened right around the times of Bitcoin halvings, and resulted in massive Bitcoin rallies.
The stochastic RSI on Bitcoin 2-month chart also shows a similar trend, after breaking above the overbought 80 barrier.
From a historical standpoint, this event has always led to bullish reversals. And if this outlook holds once more, Bitcoin could reach a cycle top within the next 12 to 13 months.
According to TradingShot's outlook, Bitcoin is already behaving in almost the same way as in previous cycles.
For example, we have always seen massive price surges whenever the liquidity indicators reversed and the Stochastic RSI broke above the overbought barrier.
In essence, this13-month Bitcoin peak puts Bitcoin at a new all-time high, somewhere around May 2025.
Bitcoin’s price action
Interestingly, Bitcoin was able to claim the $71,500 price level amid the Ethereum ETF buzz.
However, the cryptocurrency currently hangs above the $67,000 support and could be in for some of the most uncertain times before the rally that TradingShot predicts.
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