Here’s Why Analysts Have Set a $135,000 Price Target for Bitcoin
- A slumping US dollar and record global liquidity are creating a bullish macro setup for Bitcoin
- On-chain data shows a historic number of long-term holders are not selling their Bitcoin
- This convergence of factors has analysts setting price targets of $135,000 and higher
As the United States dollar slumps to a three-year low and long-term holders tighten their grip on the Bitcoin supply, market conditions appear primed for a new leg up. With Bitcoin holding firm above the $107,000 mark, analysts are pointing to a powerful convergence of macroeconomic weakness and strong on-chain fundamentals that could fuel a rally toward $135,000 and beyond.
CoinMarketCap data shows that Bitcoin is trading above the $107K mark, holding firms above $100K amid a convergence of macroeconomic weakness and unprecedented long-term holding behavior.
Dollar Weakness and Liquidity Surge
According to crypto analyst Lark Davis, the US Dollar Index (DXY) has just slumped to a three-year low, down 11% year-to-date. Simultaneously, global M2 money supply–essentially the total liquidity in the economy–has hit fresh all-time highs.
Historically, this environment of abundant liq…
The post Here’s Why Analysts Have Set a $135,000 Price Target for Bitcoin appeared first on Coin Edition.
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Here’s Why Analysts Have Set a $135,000 Price Target for Bitcoin
- A slumping US dollar and record global liquidity are creating a bullish macro setup for Bitcoin
- On-chain data shows a historic number of long-term holders are not selling their Bitcoin
- This convergence of factors has analysts setting price targets of $135,000 and higher
As the United States dollar slumps to a three-year low and long-term holders tighten their grip on the Bitcoin supply, market conditions appear primed for a new leg up. With Bitcoin holding firm above the $107,000 mark, analysts are pointing to a powerful convergence of macroeconomic weakness and strong on-chain fundamentals that could fuel a rally toward $135,000 and beyond.
CoinMarketCap data shows that Bitcoin is trading above the $107K mark, holding firms above $100K amid a convergence of macroeconomic weakness and unprecedented long-term holding behavior.
Dollar Weakness and Liquidity Surge
According to crypto analyst Lark Davis, the US Dollar Index (DXY) has just slumped to a three-year low, down 11% year-to-date. Simultaneously, global M2 money supply–essentially the total liquidity in the economy–has hit fresh all-time highs.
Historically, this environment of abundant liq…
The post Here’s Why Analysts Have Set a $135,000 Price Target for Bitcoin appeared first on Coin Edition.
Read More