Analyst Crypto Rus has shed light on Bitcoin’s trend and analyzed ‘far-fetched’ targets for the largest cryptocurrency. One interesting point brought to our attention was that when comparing Bitcoin’s price to global M2 liquidity, we’re already at all-time highs.
However, he said that global M2 liquidity is expected to increase further due to ongoing fiat printing by countries worldwide. He clarified that countries don’t have the option to stop printing money abruptly, leading to continuous inflation. Unlike cryptocurrencies, there’s no mechanism for burning fiat currencies, resulting in perpetual inflation.
While liquidity has increased steadily, there are periods of more significant upticks, indicating additional printing. This influx of liquidity typically leads to surges in assets like Bitcoin, benefiting the entire crypto space. He anticipated a resurgence in money printing to stimulate the economy, driven by measures like liquidity injections and rate cuts. Consequently, Bitcoin stands to gain significantly from these actions. Regarding the current resistance at $73k, he suggested that a significant number of shorts might be hindering a breakthrough.
However, the important targets like $91,000 for Bitcoin are not far-fetched. Analysts use various indicators such as Fibonacci levels, previous rises, angles of ascent, and fractal patterns to forecast these targets. The consensus is that it’s just a matter of time before Bitcoin reaches these milestones.
Another analyst suggested a target of $136,000, citing a broadening wedge pattern. Looking at Bitcoin’s historical performance, particularly the seven consecutive green months from September to March, highlights the potential for significant gains.
While April saw a downturn, May was green, and with June underway, there’s optimism for further growth. Considering Bitcoin’s past trajectory, where it surged from $25,000 to $73,000 in a matter of months, reaching $136,000 by the end of the year seems plausible. Patterns and fractal analyses also indicate similarities with Bitcoin’s movement in 2017, albeit not necessarily with the same magnitude.
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