In a recent analysis, Philip Swift, the founder of LookIntoBitcoin, drew attention to the impressive surge in global liquidity, which has just reached a new all-time high (ATH). Swift emphasized that this surge in global liquidity serves as a crucial indicator for Bitcoin’s potential to soar during this bullish cycle. The chart showcased by Swift revealed that global liquidity had surged to $94 trillion and was steadily approaching the $100 trillion milestone. This development suggests that Bitcoin could potentially reach new ATHs based on the correlation between global liquidity and Bitcoin’s price movements.
During Bitcoin’s previous ATH of $69,000 in the 2021 bull run, global liquidity stood at around $90 trillion. Coincidentally, Bitcoin’s price has now surpassed that previous level as global liquidity has continued to rise. The founder of LookIntoBitcoin highlighted that Bitcoin’s upward trajectory is virtually “inevitable” as long as global liquidity remains on a positive trend. This assertion aligns with the notion that the market will likely witness new ATHs for Bitcoin in the near future.
Swift indicated that despite Bitcoin reaching a new ATH of $73,750 in March, there is still substantial room for growth. According to the MVRV z-score indicator, Bitcoin is currently undervalued in comparison to its fair value. Swift’s projections suggest that Bitcoin could potentially surge beyond $100,000 before reaching the peak of the market cycle. This optimism is fueled by the continuous rise of Bitcoin’s cycle top indicators, including the delta top, terminal price, and top cap, which are forecasted to reach $137,579, $148,390, and $364,541, respectively.
In alignment with Philip Swift’s assessment, other crypto analysts such as Tarekonchain and Rekt Capital have also expressed bullish sentiments regarding Bitcoin’s future price movements. Tarekonchain noted that the Market Value to Realized Value (MVRV) indicator indicates that Bitcoin still has room for growth before reaching its peak. Likewise, Rekt Capital highlighted the potential for Bitcoin to make history with a breakout that could lead the cryptocurrency into a “parabolic phase” of the cycle, propelling it towards new highs above $100,000.
Notably, Standard Chartered Bank has also made predictions that align with the optimistic outlook for Bitcoin’s price performance. The bank anticipates that Bitcoin could achieve the milestone of $100,000 even before the upcoming US Presidential election in November, emphasizing the widespread confidence in Bitcoin’s potential for significant price appreciation.
The collective analysis of different experts and institutions underscores the growing consensus regarding Bitcoin’s potential to reach new highs amidst the backdrop of increasing global liquidity and positive market indicators.
