Analyst Raises Doubts on Bitcoin Price Forecasts Exceeding 100K as Index Shows It Has Already Hit Record Highs
Cryptocurrency expert, Crypto Rus, has provided insights into the current trend of Bitcoin and explored ambitious targets for the popular digital currency. One intriguing observation he made was the comparison of Bitcoin’s price to global M2 liquidity, which has reached record levels. However, he noted that global M2 liquidity is projected to rise even further due to continuous fiat currency printing by countries worldwide. Unlike cryptocurrencies, fiat currencies cannot be burned, leading to perpetual inflation.
While liquidity levels have been steadily increasing, there are periods of more significant spikes, indicating additional printing. This influx of liquidity typically results in asset surges like Bitcoin, benefiting the entire cryptocurrency market. He predicted a resurgence in money printing to boost the economy, driven by actions such as liquidity injections and interest rate cuts. As a result, Bitcoin is poised to see substantial gains from these measures. Despite facing resistance at $73k, he suggested that a large number of short positions could be preventing a breakthrough.
Nevertheless, ambitious targets like $91,000 for Bitcoin are not out of reach. Analysts utilize various indicators such as Fibonacci levels, historical growth patterns, angles of ascent, and fractal models to predict these milestones. The general consensus is that it is only a matter of time before Bitcoin reaches these levels.
Another analyst proposed a target of $136,000, citing a broadening wedge pattern. Examining Bitcoin’s past performance, particularly the seven consecutive months of growth from September to March, indicates the potential for significant profits. Although April experienced a downturn, May saw growth, and with June underway, there is optimism for further expansion. Given Bitcoin’s previous trajectory, where it surged from $25,000 to $73,000 in a short period, reaching $136,000 by the year’s end appears plausible. Analyses of patterns and fractals also suggest similarities with Bitcoin’s movement in 2017, albeit not necessarily with the same magnitude.
In conclusion, the path to Bitcoin reaching $100,000 and beyond involves understanding potential scenarios of brief corrections before a major breakout in the market.