Bitcoin (BTC) has rallied nearly 50% in the first seven weeks of the year, reaching a six-month high of $24,900, with outside forces like the sentiment in traditional markets largely supportive. Recently, the crypto market and Wall Street's tech-heavy Nasdaq index have grown resilient to the Federal Reserve's (Fed) angst and the resulting uptick in Treasury yields. Bitcoin's 90-day correlation coefficient with Nasdaq has increased to 0.75, indicating the two assets are moving in tandem.

So, one chart analyst expects a continued move higher that could see bitcoin more than double in value in the coming months.

"Bitcoin is breaking out from a long basing formation. There is a saying, the bigger the base, the higher into space," William Noble, director of research at Emerging Assets Group and former analyst at Goldman Sachs and Morgan Stanley, told CoinDesk.

"Bitcoin may move from consolidation to another parabolic move back to $56,000," Noble said, having correctly predicted the cryptocurrency's late 2020 surge from $20,000 to $40,000.

(By Omkar Godbole)

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