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Bitcoin’s value is poised for a significant upswing, potentially outperforming the RSP representing the S&P 500, according to Caleb Franzen of Cubic Analytics. Despite matching last year’s high rather than setting a new one, Franzen anticipates Bitcoin making a comeback, backed by the Williams%R Oscillator indicating a favourable trajectory. Past low points have led to Bitcoin growing by 48% and 123% in ensuing months. Despite potential push back on this growth, predictions suggest Bitcoin could hit a new high by 2025, with immediate hurdles anticipated to be crossed soon.

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Bitcoin is set to bounce back and catch up with the recent gains made by US stocks, according to a new analysis. Caleb Franzen, from financial research resource Cubic Analytics, suggests in his latest blog post that Bitcoin’s value is ready for a big upswing.

Bitcoin needs to step up its game to match the stellar performance of US stocks recently, as the S&P 500 hits record highs again and again. Franzen specifically compares Bitcoin’s value to the RSP, an exchange-traded fund that represents the S&P 500. He indicates that signs are pointing towards an upswing in the value of Bitcoin compared to the RSP.

Franzen goes on to explain that Bitcoin, compared to RSP, didn’t hit new high scores. Instead, it matched last year’s high score and has been treading water ever since. In simpler terms, Bitcoin’s value has not grown relative to the RSP. But, Franzen thinks that might change soon.

According to his analysis, Bitcoin is set to make a comeback and could potentially outperform the RSP down the road. Traders might want to consider betting more on Bitcoin than RSP, according to Franzen. He warns though, that there’s a potential for push back on that growth we’re all waiting for. But at the same time, that push back is also a target for Bitcoin to smash.

Franzen also uses a tool called the Williams%R Oscillator to boost his confidence about Bitcoin’s value increasing. This indicator suggests that good times are coming again for Bitcoin after having a tough time in July. Historically, this signal has been a pretty good way of calling Bitcoin’s moves.

In fact, similar low points in the past led to Bitcoin growing by 48% and 123% over the next three months. The signs are there that Bitcoin could soon be trading at even higher prices. Investors are starting to regain confidence that there’s still lots of upside for Bitcoin, especially when stock prices are also at record highs.

As we’ve reported before, projections suggest Bitcoin’s price might hit a new high score in 2025. But there are also guesses being tossed around that Bitcoin’s value could keep growing in the shorter term too. We’re now just below $69,000, and some last barriers are standing between us and new high scores. Though tough to beat, these barriers have been breached for the first time since March, which bodes well for Bitcoin.

Trader and analyst Rekt Capital highlighted how important Bitcoin’s current moves are. He said that Bitcoin has made history by closing at a value above a longstanding obstacle. Now, Bitcoin is set to try and turn that old obstacle into a new support platform. Basically, Bitcoin just needs to stay above $66400 for the week to keep the momentum and positive vibes flowing.

Note: The information in this article doesn’t count as investment advice or professional recommendations. Investing and trading can be risky, so do your own research before finalizing any decisions.

Source: Cointelegraph