The founder of LookIntoBitcoin, Philip Swift, recently pointed out the significant increase in global liquidity, which has just hit a new all-time high. Swift emphasized that this surge in liquidity is a crucial indicator of how Bitcoin could potentially rise in the current bull run. The global liquidity has now reached a staggering $94 trillion, approaching the $100 trillion mark. This development has led many analysts to believe that new all-time highs for Bitcoin could be on the horizon.
When Bitcoin hit its previous all-time high of $69,000 in the 2021 bull run, global liquidity was around $90 trillion. Since then, Bitcoin’s price has surpassed that level, confirming the correlation between this global liquidity indicator and Bitcoin’s price movement. According to Swift, as long as global liquidity continues to trend upwards, the rise of Bitcoin is inevitable. This indicates that Bitcoin still has room to grow, especially considering that the flagship cryptocurrency is still well below its fair value according to the MVRV z-score indicator.
Swift mentioned that Bitcoin’s recent all-time high of $73,750 in March is just the beginning, suggesting that Bitcoin could potentially exceed $100,000 before hitting the market top. The top indicators, including the delta top, terminal price, and top cap at $137,579, $148,390, and $364,541 respectively, are all pointing towards further growth in Bitcoin’s price. Other analysts, such as Tarekonchain, have also highlighted the potential for Bitcoin to achieve new highs in this cycle and potentially surpass the $100,000 mark.
Crypto analyst Rekt Capital mentioned that Bitcoin could make history if a breakout occurs soon, potentially marking the fastest breakout from a post-halving re-accumulation range. A successful breakout could propel Bitcoin into a parabolic phase of the cycle, where new highs are expected, possibly surpassing $100,000. Furthermore, Standard Chartered Bank has also predicted that Bitcoin could reach $100,000 even before the US Presidential election in November, indicating the bullish sentiment surrounding Bitcoin’s price movement.
The surge in global liquidity has become a key factor in driving the price of Bitcoin upwards. With various indicators and projections pointing towards further price appreciation, it seems that Bitcoin is poised for significant growth in the coming months. While market speculation always carries risks, the overall sentiment among analysts is optimistic about Bitcoin’s future price movement.