Philip Swiftfounder of the online analytical platform LookIntoBitcoin, recently highlighted the significant raise in global liquidity, which has now reached modern levels highest level ever (ATH). Swift suggested that this is a key indicator of Bitcoin’s growth in value this running of the bulls.
The most essential indicator for Bitcoin
Swift stated that the “most important” chart in this bull market was global liquidity, while revealing that it had just reached modern ATH. The chart he shared showed that global liquidity it was now $94 trillion and approaching $100 trillion. His analysis shows that this development could also lead to the creation of modern ATHs for Bitcoin.
Global liquidity was around $90 trillion as BTC reached its previous ATH of $69,000 in Running of the Bulls in 2021. Additionally, Bitcoin’s price has risen above this level since global liquidity, thus confirming the correlation between this global liquidity index and Bitcoin price. Rapid taken over that an raise in Bitcoin’s value is “inevitable” as long as global liquidity continues to trend.
Rapid mentioned that BTC has “a long way to go” after reaching a modern ATH of $73,750 in March. He referred to MVRV’s z-score, which showed the flagship cryptocurrency was still well below its fair value. In recent Post Xthe cryptocurrency’s founder suggested that at least Bitcoin would do it grow above $100,000 before the market can be said to be at its peak.
Swift claimed that Bitcoin’s top cycle metrics continued to rise. These key metrics were top delta, trailing price, and top cap, which were $137,579, $148,390, and $364,541, respectively.
Meanwhile, like Swift, cryptocurrency analyst Tarekonchain recently highlighted market value to realized value (MVRV) ratio and mentioned that Bitcoin is still far from its peak. Based on this, the analyst predicted that BTC could continue to hit modern highs this cycle and possibly rise above $100,000.
BTC on the brink of history
Rekt Capital cryptocurrency analyst he mentioned that Bitcoin could soon become history if it breaks out soon enough. He claimed that if this happens, it will be the fastest Bitcoin has ever broken out from the post-halving re-accumulation range. A successful breakout from this range will send Bitcoin into the “parabolic phase” of the cycle, where it is expected to reach modern highs and potentially grow above $100,000.
Interestingly, Standard Chartered Bank predicted that Bitcoin could reach $100,000 before the November US presidential election. The bank further predicted that BTC could reach $150,000 by the end of the year if Republican candidate Donald Trump will win the elections.
According to Bitcoin data, the price is around $71,000 at the time of writing, which has increased over the last 24 hours. data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
