Philip Swift, the founding father of the on-chain analytics platform LookIntoBitcoin, recently highlighted the numerous increase in global liquidity, which just hit a recent all-time high (ATH). Swift suggested this was a vital indicator of how Bitcoin can rise in this bull run.
The Most Essential Indicator For Bitcoin
Swift claimed that the worldwide liquidity was the “most vital” chart on this bull run while revealing that it had just hit a recent ATH. The chart he shared showed that the global liquidity was now at $94 trillion and approaching the $100 trillion mark. Based on his evaluation, this development could also result in recent ATHs for Bitcoin.
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Source: Look Into Bitcoin
Global liquidity was around $90 trillion when BTC hit its previous ATH of $69,000 within the 2021 bull run. Moreover, Bitcoin’s price has risen above that level since global liquidity, thereby confirming the correlation between this global liquidity indicator and Bitcoin’s price. Swift claimed that Bitcoin’s rise is “inevitable” so long as global liquidity keeps trending.
Swift mentioned that BTC had a “long technique to go” after it hit a recent ATH of $73,750 in March. He made reference to the MVRV z-score indicator, which showed that the flagship crypto was still well below its fair value. In a recent X post, the crypto founder suggested that Bitcoin would at the very least rise above $100,000 before the market top will be said to be in.
Swift claimed that the Bitcoin cycle top indicators were continuing to climb higher. These top indicators were the delta top, terminal price, and top cap, which were at $137,579, $148,390, and $364,541, respectively.
Source: Look Into Bitcoin
Meanwhile, like Swift, crypto analyst Tarekonchain recently highlighted the Market Value to Realized Value (MVRV) indicator and mentioned that Bitcoin was still removed from its peak. Based on this, the analyst predicted that BTC could still achieve recent highs on this cycle and possibly rise above $100,000.
BTC On The Brink Of History
Crypto analyst Rekt Capital mentioned that Bitcoin could soon make history if a breakout happens soon enough. He claimed that if that happens, this will probably be the fastest Bitcoin has ever broken out from a post-halving Re-Accumulation range. A successful breakout from this range will send Bitcoin into the “parabolic phase” of the cycle, when it is predicted to succeed in recent highs and potentially rise above $100,000.
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Interestingly, Standard Chartered Bank predicted that Bitcoin could reach $100,000 even before the US Presidential election takes place in November. The bank further predicted that BTC could reach $150,000 by year-end if Republican candidate Donald Trump emerges victorious on the polls.
On the time of writing, Bitcoin is trading at around $71,000, up within the last 24 hours, in accordance with data from CoinMarketCap.
BTC price shows recovery strength | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com