The world of cryptocurrency is constantly evolving, with various factors influencing the price movements of assets like Bitcoin. One such factor that has been gaining attention recently is global liquidity. According to Philip Swift, the founder of LookIntoBitcoin, global liquidity has reached a new all-time high (ATH), indicating a potential rise in Bitcoin’s price during this bull run.
Swift emphasized the importance of global liquidity as a key indicator for Bitcoin’s price movement. He pointed out that the current global liquidity level of $94 trillion, approaching the $100 trillion mark, could pave the way for new ATHs for Bitcoin. This correlation between global liquidity and Bitcoin’s price was evident when BTC surpassed its previous ATH of $69,000.
Swift suggested that Bitcoin still has room to grow, considering the MVRV z-score indicator, which indicated that the cryptocurrency was below its fair value. Based on his analysis, Swift predicted that Bitcoin could potentially rise above $100,000 before the market reaches its top. He also mentioned key indicators such as the delta top, terminal price, and top cap, which were at $137,579, $148,390, and $364,541, respectively.
In addition to Swift’s analysis, other crypto analysts like Tarekonchain and Rekt Capital have also weighed in on Bitcoin’s potential price movement. Tarekonchain highlighted the Market Value to Realized Value (MVRV) indicator, suggesting that Bitcoin still has room to grow and could potentially exceed $100,000. Rekt Capital mentioned the possibility of a breakout that could propel Bitcoin into a parabolic phase, leading to new highs.
Apart from crypto analysts, external entities like Standard Chartered Bank have also made predictions about Bitcoin’s price movement. The bank forecasted that Bitcoin could reach $100,000 even before the US Presidential election in November, indicating a bullish sentiment towards the cryptocurrency.
The analysis of global liquidity and various indicators provides valuable insights into Bitcoin’s potential price movement. While predictions about cryptocurrency prices are always subject to volatility and market dynamics, the focus on global liquidity as a key indicator offers a new perspective on understanding Bitcoin’s trajectory in the current bull run.
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