Bitcoin Bulls Eyeing $100,000 as Global Liquidity Surges
Bitcoin (BTC) is poised for a significant price increase, according to analysts, who predict a surge to $100,000 following the US election and a shift to a “pro-liquidity environment.”
Post-Halving Price Pattern
VanEck’s Matthew Sigel noted that Bitcoin typically experiences a price pullback one to three months after a halving, which occurred in April. The recent sale of 49,858 Bitcoin by the German government and the repayment of creditors of bankrupt exchange Mt. Gox have contributed to this short-term price decline.
Global Liquidity Surge
However, several analysts have observed a rising trend in global liquidity. This increase, coupled with the recent sell-off, creates a favorable environment for Bitcoin’s price to rebound.
Bitcoin’s Price Outlook
Investment strategist Lyn Alden believes that Bitcoin’s current price stagnation is due to the lack of global liquidity over the past two years. She anticipates that a shift to a “pro-liquidity environment” in 2025 could propel Bitcoin’s price beyond its previous all-time high of $73,679.
US Presidential Election Impact
Sigel also highlighted the upcoming US presidential election as a crucial factor influencing Bitcoin’s price. He argued that regardless of the election outcome, macroeconomic conditions would remain similar for the next few years. This prediction suggests that Bitcoin’s price could benefit from the uncertainty and potential market volatility surrounding the election.
Wrapped Bitcoin Controversy
Meanwhile, the controversy surrounding Wrapped Bitcoin (WBTC) has led to increased demand for the token. An unknown wallet address has been accumulating large amounts of WBTC, totaling $118 million. This surge in demand is likely driven by concerns about the ownership structure of WBTC following BitGo’s announcement of a joint venture with BiT Global and Tron.
Positive Bitcoin Price Predictions
Several analysts have expressed bullish sentiments regarding Bitcoin’s price potential. Jamie Coutts, Chief Crypto Analyst at Real Vision, predicted a 200% increase to $100,000 by the end of 2024, citing favorable global financial conditions and central bank actions.
Another analyst, Milkybull Crypto, forecasted an even more ambitious target of $190,000 for Bitcoin’s price by the fourth quarter of 2024. This prediction is based on historical market patterns and the increasing global money supply.
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