Bitcoin (BTC) Set to Soar Above $90,000 Amid Rising Money Supply, Crypto Analyst Predicts
- Bitcoin’s price action is currently undergoing a major corrective phase, but analysts predict a strong upward movement soon.
- Based on past price action, some experts believe Bitcoin could surge above $73,800 and even reach new all-time highs of $100,000.
- Key factors such as inflation and the M2 money supply in the United States could also impact Bitcoin’s price.
Despite a corrective phase, Bitcoin’s price action could see a significant surge, potentially reaching new all-time highs. This article explores the factors that could drive this upward trend.
Historical Price Action Places BTC Above $90,000 In Coming Months
One analyst recently offered a bold prediction based on Bitcoin’s price action from late 2022. During that period, Bitcoin experienced a significant drop to as low as $15,500 before rebounding sharply throughout 2023 and Q1 2024. If Bitcoin follows this pattern, the analyst predicts that the coin could soar to $90,000 and potentially even reach $100,000. The exact timeframe for this surge remains unclear, but another analyst suggests that Bitcoin must trade above $60,000 to maintain its upward momentum. This could potentially see Bitcoin reach as high as $95,000 by August 2024.
