Analyst raises doubts over Bitcoin price predictions exceeding 100K as index shows it has already reached new record levels

Cryptocurrency analyst, Crypto Rus, has provided insights into the current trend of Bitcoin and has explored ambitious targets for the leading cryptocurrency. One intriguing observation made was that when comparing Bitcoin’s price to global M2 liquidity, we are already witnessing record highs.

However, it was noted that global M2 liquidity is expected to rise further due to the continuous printing of fiat currencies by countries worldwide. It was emphasized that countries do not have the luxury of abruptly halting money printing, leading to persistent inflation. Unlike cryptocurrencies, fiat currencies do not have a mechanism for reducing supply, resulting in ongoing inflation.

While liquidity has been on the rise, there have been periods of more significant increases, indicating additional money printing. This surge in liquidity typically results in spikes in assets like Bitcoin, benefiting the entire crypto market. The anticipation is for a resurgence in money printing to stimulate the economy, driven by actions such as liquidity injections and interest rate cuts. Consequently, Bitcoin is poised to benefit greatly from these measures.

In terms of the current resistance at $73,000, it was suggested that a substantial number of short positions may be impeding a breakthrough. However, targets such as $91,000 for Bitcoin are not unreasonable. Analysts utilize various indicators such as Fibonacci levels, past price movements, trend angles, and fractal patterns to predict these targets. The general consensus is that it is only a matter of time before Bitcoin reaches these milestones.

Another analyst proposed a target of $136,000, pointing to a broadening wedge pattern. By examining Bitcoin’s historical performance, particularly the seven consecutive months of price increases from September to March, it is evident that significant gains are possible.

While April saw a decline, May showed positive growth, and with June underway, there is optimism for continued expansion. Considering Bitcoin’s past trajectory, where it jumped from $25,000 to $73,000 within a few months, reaching $136,000 by the year-end seems feasible. Patterns and fractal analyses also suggest similarities with Bitcoin’s movement in 2017, although not necessarily to the same extent.