Bitcoin’s price might more than double soon, thanks to a strong signal that has often led to big price jumps in the past. This signal, which hasn’t been seen in nearly a year, suggests that Bitcoin could be on the verge of a major breakout.

Jamie Coutts, a top crypto analyst at Real Vision, pointed out that his model, which tracks global money flow, just flashed a bullish signal for the first time since November 2023. The last time this happened, Bitcoin’s price jumped by 75% in just a few months. Coutts also mentioned that this same signal has led to huge rallies in previous years, including a 19x increase in 2017 and a 6x increase in 2020.

So, could Bitcoin’s price really double to around $120,000? Coutts thinks it’s possible, but it depends on how the US Dollar performs and the overall global money situation. If the US Dollar weakens enough, and central banks keep pumping money into the system, Bitcoin could see a big price increase.

However, in the short term, Bitcoin might face some challenges. Over $1.4 billion worth of Bitcoin options are about to expire on August 16, which could put pressure on the price unless it bounces back above $60,000.

On the plus side, the global money supply is growing, which could help Bitcoin break above $60,000. Recently, the Bank of Japan and the People’s Bank of China added billions to the global money pool. However, whether Bitcoin’s price keeps rising will also depend on how much money flows into US Bitcoin ETFs, which have slowed down recently, according to Coutts.