Analyst Raises Doubts About Bitcoin Price Forecasts Exceeding 100000 as Index Indicates It Has Reached Record Highs
Crypto analyst Rus has provided insights into the current trend of Bitcoin and has explored ambitious targets for the leading cryptocurrency. One intriguing observation is the comparison of Bitcoin’s price with global M2 liquidity, which has reached all-time highs. Despite this, the analyst notes that global M2 liquidity is expected to rise further due to continuous fiat printing by countries worldwide. Unlike cryptocurrencies, fiat currencies cannot be burned, leading to perpetual inflation.
Although liquidity levels have been steadily increasing, there are periods of significant spikes indicating additional printing. This surge in liquidity often results in asset price hikes, benefiting assets like Bitcoin and the entire crypto market. The analyst predicts a resurgence in money printing to boost the economy through liquidity injections and rate cuts, which could significantly impact Bitcoin’s price. However, the analyst suggests that the current resistance at $73,000 may be due to a high number of short positions hindering a breakthrough.
Despite this, reaching targets like $91,000 for Bitcoin is not out of reach. Analysts utilize various indicators such as Fibonacci levels, historical patterns, and fractal analyses to predict these milestones. The consensus is that it is only a matter of time before Bitcoin reaches these levels.
Another analyst has set a target of $136,000, citing a broadening wedge pattern. Looking at Bitcoin’s past performance, especially the seven consecutive months of growth from September to March, there is a potential for substantial gains. While April experienced a dip, May showed positive growth, and June is expected to continue this trend. Given Bitcoin’s rapid ascent from $25,000 to $73,000 in recent months, reaching $136,000 by the year’s end seems achievable. Patterns and fractal analyses also suggest similarities with Bitcoin’s movement in 2017, although not necessarily with the same magnitude.
In conclusion, the analysis points towards a positive outlook for Bitcoin’s price trajectory, with potential targets of $91,000 and $136,000 on the horizon. The ongoing liquidity injections and rate cuts could further boost Bitcoin’s value, making these targets a realistic possibility.