Bitcoin On The Verge As Global Liquidity Nears New $100 Million ATH
2024年6月8日 - 2:00AM
NEWSBTC
Philip Swift, the founder of the on-chain analytics platform
LookIntoBitcoin, recently highlighted the significant increase in
global liquidity, which just hit a new all-time high (ATH). Swift
suggested this was a crucial indicator of how Bitcoin can rise in
this bull run. The Most Important Indicator For Bitcoin Swift
claimed that the global liquidity was the “most important” chart in
this bull run while revealing that it had just hit a new ATH. The
chart he shared showed that the global liquidity was now at $94
trillion and approaching the $100 trillion mark. Based on his
analysis, this development could also lead to new ATHs for
Bitcoin. Related Reading: Shiba Inu Open Interest Returns To
February 2024 Levels, What Happened Last Time? Global liquidity was
around $90 trillion when BTC hit its previous ATH of $69,000 in the
2021 bull run. Additionally, Bitcoin’s price has risen above that
level since global liquidity, thereby confirming the correlation
between this global liquidity indicator and Bitcoin’s price. Swift
claimed that Bitcoin’s rise is “inevitable” as long as global
liquidity keeps trending. Swift mentioned that BTC had a
“long way to go” after it hit a new ATH of $73,750 in March. He
made reference to the MVRV z-score indicator, which showed that the
flagship crypto was still well below its fair value. In a recent X
post, the crypto founder suggested that Bitcoin would at least rise
above $100,000 before the market top can be said to be in.
Swift claimed that the Bitcoin cycle top indicators were continuing
to climb higher. These top indicators were the delta top, terminal
price, and top cap, which were at $137,579, $148,390, and $364,541,
respectively. Meanwhile, like Swift, crypto analyst
Tarekonchain recently highlighted the Market Value to Realized
Value (MVRV) indicator and mentioned that Bitcoin was still far
from its peak. Based on this, the analyst predicted that BTC could
still achieve new highs in this cycle and possibly rise above
$100,000. BTC On The Brink Of History Crypto analyst Rekt
Capital mentioned that Bitcoin could soon make history if a
breakout happens soon enough. He claimed that if that happens, this
will be the fastest Bitcoin has ever broken out from a post-halving
Re-Accumulation range. A successful breakout from this range will
send Bitcoin into the “parabolic phase” of the cycle, when it is
expected to reach new highs and potentially rise above
$100,000. Related Reading: Shiba Inu Whale Enter Buying
Frenzy, 715 Billion SHIB Snapped Up In Days Interestingly, Standard
Chartered Bank predicted that Bitcoin could reach $100,000 even
before the US Presidential election takes place in November. The
bank further predicted that BTC could reach $150,000 by year-end if
Republican candidate Donald Trump emerges victorious at the
polls. At the time of writing, Bitcoin is trading at around
$71,000, up in the last 24 hours, according to data from
CoinMarketCap. Featured image created with Dall.E, chart from
Tradingview.com
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