Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin could hit $92,000 as global liquidity set to rise

Bitcoin could hit $92,000 as global liquidity set to rise

GrafaGrafa2024/09/15 22:05
By:Mahathir Bayena

Market analyst Michaël van de Poppe believes that cryptocurrencies and commodities are on the brink of a significant rally due to both asset classes being "extremely undervalued." 

Van de Poppe noted in a September 15 post that commodities were last valued at similarly low levels in 2000 and 1971, suggesting a potential for a 10-year bull market. 

"Commodities & crypto are extremely undervalued, and it's likely that commodities go into a 10-year-long bull market. I'm expecting a lot of upside from these two asset classes," he stated.

Analysts are increasingly optimistic about Bitcoin's (CRYPTO:BTC) potential breakout in October, which could be influenced by an expected interest rate cut during the Federal Reserve meeting on September 18. 

Raoul Pal, CEO of Global Macro Investor, has highlighted the potential impact of rising global liquidity on Bitcoin. 

He suggests that the need for debt refinancing in major economies like the U.S., Japan, China, and Europe will drive a "global liquidity breakout." 

Pal noted, "As global liquidity rises, cryptocurrencies will rise, as will other markets like the Nasdaq… Global M2 is also starting to rise."

This increase in liquidity could benefit Bitcoin, as its price is strongly correlated with the M2 money supply. 

Part of this new liquidity might flow into Bitcoin, setting up the next leg up in the 2024 cycle.

Based on historical chart patterns, Bitcoin appears poised for a three-month rally following a recent decline. 

According to popular analyst Titan of Crypto, Bitcoin retested a key support level on the weekly chart, potentially setting it up for a rally above $90,000. 

"In previous cycles, when the price retested the 50-week simple moving average, it bounced at least 40%. On average, the bounce was 71%. If #BTC rallies 71% from here, it could reach $92,000," he wrote on September 13.

Despite the optimistic outlook, Bitcoin is still in its "anxiety stage," suggesting a possible downside in September. 

However, the upcoming Federal Reserve meeting could serve as the catalyst for Bitcoin's next significant move.

At the time of writing, the Bitcoin (BTC) price was $59,549.63.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!