June 20, 2024
Bitcoin

Bitcoin On The Verge As Global Liquidity Nears New $100 Million ATH


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. 

Bitcoin 1
Source: Look Into Bitcoin

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. 

Bitcoin 2
Source: Look Into Bitcoin

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

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. 

Bitcoin price chart from Tradingview.com
BTC price shows recovery strength | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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