bitcoin price action could be dangerous and going through a major corrective phase. However, while $60,000 appears slippery for optimistic bulls, some analysts are optimistic that the coin is poised for a strong advance.
Following past price developments, analysts maintain that the currency will surpass $73,800 and record new all-time highs near or above $100,000 in this projected expansion.
Historic price action puts btc above $90,000 in coming months
An analyst, publishing on platform twitter.com/TechDev_52/status/1786185142962180495″ target=”_blank” rel=”noopener nofollow”>Offered a bold prediction based on price action starting in late 2022. bitcoin then crashed spectacularly to as low as $15,500 before recovering sharply throughout 2023 and the first quarter of 2024.
Therefore, if bitcoin follows this formation, the coin will skyrocket to $90,000 and even reach $100,000. While the timeline for this potential increase is still unclear, another Y platform analyst weighed in with a specific prediction.
In a post on This resilience will form the basis of an advance that will see bitcoin reach $95,000 in August 2024. The timing of this potential peak is because, the analyst explains, the price action is fractal and therefore tends to rhyme.
To further reinforce this bullish outlook, another analyst twitter.com/el_crypto_prof/status/1786299748426694768″ target=”_blank” rel=”noopener nofollow”>noted which after prices fell to $56,500 this week, retested a key support trend line.
Given that this trend line holds, the analyst predicts that “it is only a matter of time” before prices shoot higher. However, prices will turn green if there is a close above the current all-time high of $73,800.
Inflation remains high and US M2 supply grows
With the approval of spot bitcoin exchange-traded funds (ETFs), bitcoin is now intertwined with global markets. Consequently, key events in traditional finance will likely impact cryptocurrency prices and sentiment. One key metric that investors and analysts have been monitoring is inflation.
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Inflation has been higher than the 2% benchmark in the United States, an obstacle preventing the Federal Reserve from cutting rates further.
However, even as inflation falls (from the 2021 to 2024 cycle), the M2 money supply has decreased. growing, according to data from FRED Economic. The last time it rose, it triggered a bull run that forced the coin to new all-time highs of around $70,000.
Featured image from Canva, TradingView chart
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