Philip Swiftthe founder of the on-chain analytics platform LookIntoBitcoin, recently highlighted the significant increase in global liquidity, which has just reached a new level. all-time high (ATH). Swift suggested this was a crucial indicator of how Bitcoin could rise this bull run.
The most important indicator for Bitcoin
Swift claimed global liquidity was the “most important” chart in this bull run as he revealed it had just reached a point new AT. The graph he shared showed that the global liquidity is now $94 trillion and approaching the $100 trillion mark. Based on his analysis, this development could also lead to new ATHs for Bitcoin.
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Global liquidity was around $90 trillion when BTC reached its previous ATH of $69,000 last month. Bull Run 2021. Furthermore, Bitcoin’s price has risen above that level since global liquidity increased, increasing the correlation between this global liquidity indicator and the Bitcoin’s price. Fast claimed that the rise of Bitcoin is “inevitable” as long as global liquidity remains on trend.
Fast named that BTC still had a “long way to go” after hitting a new ATH of $73,750 in March. He referred to the MVRV z-score indicator, which showed that the flagship crypto was still well below its fair value. In a recent one X messagethe cryptocurrency founder suggested that Bitcoin would at least do that exceed $100,000 before it can be said that the market top has been reached.
Swift claimed that the top indicators of the Bitcoin cycle continued to climb higher. These top indicators were the delta top, terminal price and top cap, which were $137,579, $148,390 and $364,541 respectively.
Meanwhile, like Swift, crypto analyst Tarekonchain recently highlighted the Market Value to Realized Value (MVRV) indicator and mentioned that Bitcoin was still far from its peak. Based on this, the analyst predicted that BTC could still reach new highs in this cycle and possibly rise above $100,000.
BTC on the edge of history
Crypto analyst Rekt Capital said Bitcoin could soon make history if a breakout happens soon enough. He claimed that if that happens, this will be the fastest Bitcoin has ever come out of a post-halving re-accumulation range. A successful breakout from this range will put Bitcoin into the ‘parabolic phase’ of the cycle, where new highs are expected to be reached and possibly exceed $100,000.
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Interestingly enough, Standard Chartered Bank predicted that Bitcoin could reach $100,000 even before the US presidential elections take place in November. The bank further predicted that BTC could reach $150,000 by the end of the year Republican candidate Donald Trump emerges victorious from the ballot box.
At the time of writing, Bitcoin is trading around $71,000, up in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com