The founder of the on-chain analytics platform LookIntoBitcoin, Philip Swift, recently pointed out the substantial increase in global liquidity, which has just hit a new all-time high (ATH). Swift emphasized that this was a crucial indicator of how Bitcoin can soar in the current bull run. The global liquidity has surged to $94 trillion, nearing the $100 trillion milestone, according to the chart shared by Swift.
It is noteworthy that when Bitcoin hit its previous ATH of $69,000 in the 2021 bull run, the global liquidity stood at around $90 trillion. Since then, Bitcoin’s price has surpassed that level in tandem with the increase in global liquidity, confirming a correlation between the two. Swift asserted that Bitcoin’s upward trajectory is virtually certain as long as global liquidity continues to trend upwards.
Swift mentioned that despite Bitcoin achieving a new ATH of $73,750 in March, it still has a long way to go. Referring to the MVRV z-score indicator, Swift noted that Bitcoin is still undervalued. In a recent post, he speculated that Bitcoin could surpass $100,000 before reaching the market top. The top indicators for the Bitcoin cycle, including delta top, terminal price, and top cap, are projected to be $137,579, $148,390, and $364,541, respectively.
In line with Swift’s analysis, crypto analyst Tarekonchain also highlighted the Market Value to Realized Value (MVRV) indicator, suggesting that Bitcoin is far from its peak. This prediction implies that Bitcoin could potentially surge above $100,000 in the current cycle. Similarly, analyst Rekt Capital speculated that Bitcoin might break out soon, entering a parabolic phase that could lead to new all-time highs and potentially crossing the $100,000 mark.
External Predictions for Bitcoin’s Price
Standard Chartered Bank went a step further by forecasting that Bitcoin could hit $100,000 even before the US Presidential election in November. This bullish prediction aligns with the prevailing sentiment that Bitcoin’s value is poised for significant growth based on the correlation with global liquidity and other key indicators.
The surge in global liquidity has emerged as a pivotal factor driving Bitcoin’s price in the current bull run. With various indicators pointing towards further upward movement for Bitcoin, the cryptocurrency market remains poised for potentially historic price levels in the near future.
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