Philip Swift, the founder of LookIntoBitcoin, recently emphasized the importance of global liquidity in driving Bitcoin’s price surge. He pointed out that global liquidity had reached a new ATH of $94 trillion, indicating a strong correlation with Bitcoin’s price movements. Swift believes that as long as global liquidity continues to trend upwards, Bitcoin’s rise is inevitable.
When Bitcoin hit its previous ATH 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 relationship between global liquidity and Bitcoin’s price. Swift suggested that Bitcoin still has a long way to go, with the MVRV z-score indicator indicating that the digital asset is still undervalued. He predicted that Bitcoin could potentially surpass $100,000 before reaching the market top.
Swift also highlighted several Bitcoin cycle top indicators, including the delta top, terminal price, and top cap, which were estimated at $137,579, $148,390, and $364,541, respectively. These indicators suggest that Bitcoin still has room to grow in this cycle. Additionally, other analysts like Tarekonchain have also pointed out that Bitcoin is far from its peak, with the MVRV indicator indicating the potential for new highs in the current cycle.
Crypto analyst Rekt Capital echoed this sentiment, suggesting that Bitcoin could soon make history with a breakout that could propel it into the parabolic phase of the cycle. A successful breakout from the post-halving Re-Accumulation range could drive Bitcoin towards new highs, possibly above $100,000. Standard Chartered Bank even predicted that Bitcoin could reach $100,000 before the US Presidential election in November.
The surge in global liquidity has played a crucial role in driving Bitcoin’s price to new highs. With indicators pointing towards further growth and potential milestones in the cryptocurrency market, Bitcoin’s journey towards $100,000 seems increasingly plausible. As analysts continue to monitor the market closely, the impact of global liquidity on Bitcoin’s price trajectory remains a key factor to watch.