Analyst Raises Doubts About Bitcoin Price Forecasts Above 100K as Index Shows It Has Reached Record Levels
Crypto analyst Rus has provided insights into the current trend of Bitcoin and explored ambitious price targets for the leading cryptocurrency. One intriguing observation is the comparison between Bitcoin’s price and global M2 liquidity, which has reached record highs.
Rus noted that while Bitcoin’s price has surged, global M2 liquidity is expected to increase further due to continuous fiat printing by countries worldwide. Unlike cryptocurrencies, fiat currencies cannot be burned, leading to perpetual inflation as countries have no choice but to keep printing money. This influx of liquidity tends to boost assets like Bitcoin, benefiting the entire crypto market.
The analyst anticipates a resurgence in money printing to stimulate the economy through measures like liquidity injections and rate cuts, which could significantly benefit Bitcoin. Despite facing resistance at $73,000, Rus believes that targets like $91,000 are achievable with the use of indicators such as Fibonacci levels, previous trends, and fractal patterns.
Another analyst has set a target of $136,000 for Bitcoin, based on a broadening wedge pattern and historical performance. The consistent growth in Bitcoin’s price over the past months, along with patterns resembling movements in 2017, suggest the potential for significant gains in the near future.
While April saw a slight decline, May was positive, and June shows promise for further growth. Considering Bitcoin’s rapid surge from $25,000 to $73,000, reaching $136,000 by the end of the year is within the realm of possibility. The analysis points towards similarities with Bitcoin’s movements in 2017, indicating a potential for substantial growth.
In conclusion, analysts are optimistic about Bitcoin’s future, with price targets ranging from $91,000 to $136,000, supported by historical trends and fractal analyses. The consensus is that it’s only a matter of time before Bitcoin reaches these milestones, paving the way for a potential breakout in the crypto market.