Bitcoin continues its upward trend, with some analysts predicting that the cryptocurrency could reach $110,000 soon. Key factors behind this rally include easing inflation and rising global liquidity.
Arthur Hayes' Forecast
Analyst and BitMEX co-founder Arthur Hayes suggested that Bitcoin could hit $110,000 before any retracement to $76,500. This is attributed to the US Federal Reserve transitioning from quantitative tightening to easing, which supports economies and the crypto market.
Macroeconomic Conditions
Analysts believe the macroeconomic environment supports Bitcoin's price increase. Global liquidity is on the rise, and discussions about a US Bitcoin strategic reserve are intensifying, potentially pushing the cryptocurrency towards $110,000.
Technical Analysis
Current market conditions, including a close above the 21-day and 200-day moving averages, suggest potential continuation of the bullish rally. However, the $88,000 remains a key resistance level.
The projected rise of Bitcoin to $110,000 is fueled by various factors, including macroeconomic changes and technical analyses. Nonetheless, investors should consider possible corrections typical for crypto markets.
