With the recent increase in money supply and subsequent trader reactions, Bitcoin price growth is approaching an all-time high.
Market Anticipates Growth
On July 2, Bitcoin increased by 2.37%, reaching a price of $108,434, driven by rising global liquidity. The current price of Bitcoin is only 3.13% below its historic high, sparking renewed interest in the markets.
Connection to Money Supply and Future Predictions
The increase in Bitcoin prices has coincided with a record surge in the global money supply, which has recently surpassed $200 trillion. Analysts believe that the hoarding of Bitcoin began in February, often preceding price growth. Notable analyst Ash Crypto observes a connection between Bitcoin prices and money supply, suggesting a possible rise to $175,000.
Optimism and New Levels
As the money supply increases, concerns about inflation grow, leading investors to seek refuge in Bitcoin. The current price movement pattern of Bitcoin indicates a bullish flag, signaling further upward potential. If the price breaks existing resistance, it could reach $119,000, marking a new all-time high.
With the rise in money supply and optimistic predictions from analysts, Bitcoin is on the verge of significant changes, highlighting the importance of current market trends.
