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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report
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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

Bitcoin On The Verge As Global Liquidity Nears New $100 Million ATH

Scott Matherson
Scott Matherson
Last Updated: June 11, 2024 7:04 am
3 mins read
Bitcoin price

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Philip Swift, the founder of the on-chain analytics platform LookIntoBitcoin, recently highlighted the significant increase in global liquidity, which just hit a new all-time high (ATH). Swift suggested this was a crucial indicator of how Bitcoin can rise in this bull run. 

The Most Important Indicator For Bitcoin

Swift claimed that the global liquidity was the “most important” chart in this bull run while revealing that it had just hit a new ATH. The chart he shared showed that the global liquidity was now at $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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Bitcoin 1
Source: Look Into Bitcoin

Global liquidity was around $90 trillion when BTC hit its previous ATH of $69,000 in the 2021 bull run. Additionally, 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” as long as global liquidity keeps trending. 

Swift mentioned that BTC had a “long way to go” after it hit a new 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 least rise above $100,000 before the market top can 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. 

Bitcoin 2
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 far from its peak. Based on this, the analyst predicted that BTC could still achieve new highs in 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 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 expected to reach new 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 at the polls. 

At the time of writing, Bitcoin is trading at around $71,000, up in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com
BTC price shows recovery strength | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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