Here is more evidence that Bitcoin will move up soon. I am uploading screenshots made from my ratio indicator. One shows the ratio of Bitcoin to Gold and the other shows the ratio of Bitcoin to the US500 Index. Both are from long term charts. So I am sure about the long-term results, but knowing exact timing is uncertain.
On the Bitcoin to Gold weekly chart, there is a long term support level which seems to be holding. The ratio is currently 3.19 and the all time high for this ratio is 14.1. So the ratio has a big potential to grow. Which means if this ratio were to retrace back to previous levels, expect Gold to drop or Bitcoin to rise or both at the same time.
On the Bitcoin to US500 Index weekly chart, there is also a similar situation as mentioned above. The support seems to be holding and the ratio is bouncing off. The current ratio is 1.63 and the all time high is 6.60. Again, just like above, if the ratio were to retrace back to previous levels, expect US500 to drop or Bitcoin to rise or both at the same time.
Similar situations exist for other Bitcoin ratios too, but I am only showing two.
Here is why I think the rise in Bitcoin will be the main reason for the ratios to retrace upwards. There are major trend lines that have been breached on monthly charts for both Gold and Silver. Everything is still playing out just as I thought back in November, which I posted in another thread on this forum. Unlike what many others are saying, I am expecting Gold/Silver to drop hard. Gold is currently $1262 and Silver is currently $14.76. So what I think will happen is that people will start flooding into Bitcoin instead of precious metals. I even think people will take money out of stocks and a good portion of this will go to Bitcoin. Which just so happens to coincide with all the rumors out there about institutions entering Bitcoin now or soon. I do not need rumors to know this though since it's already foretold in the charts. So this will cause the ratios to go back to historic levels. Which means Bitcoin will have a big price increase!