Based on past price trends, bitcoin is expected to surpass $90,000 in the near future.
There may be some uncertainty in the Bitcoin price action as it enters a significant correction phase. Nevertheless, there are analysts who are hopeful that the coin is prepared for a major surge, even though $60,000 appears elusive for enthusiastic bulls.
Analysts predict that the coin will reach new all-time highs of $73,800 and $100,000 during this expansion, based on previous price movement.
Thus, if Bitcoin continues along this trajectory, the price of the currency will surge to $90,000 and possibly $100,000. Another platform Y expert offered a more targeted forecast, but the exact timing of this possible spike is still up in the air.
The expert stressed the need of Bitcoin trading above $60,000 in an X post, stating that the rising momentum must not die out. Thanks to its resiliency, Bitcoin will get a leg up and soar to $95,000 by August 2024.
This positive perspective is further supported by the fact that prices retested a major support trend line after falling as low as $56,500 this week, according to another analyst.
"It is only a matter of time" before prices soar upward, according to the analyst, as this trend line is held. But if the market closes higher than the present all-time high of $73,800, the trend will turn positive.
U.S. Inflation Remains High Despite M2 Supply Growing
Bitcoin is now deeply entangled with international markets thanks to the authorization of spot Bitcoin ETFs. As a result, major developments in conventional finance will most certainly affect the value and attitude toward cryptocurrencies. Investors and experts have been keeping a close eye on inflation as a critical factor.
Data from FRED shows that the M2 money supply has been increasing from the 2021–2024 cycle, despite lower inflation. When it increased in value before, it set off a bull run that propelled the coin to new all-time highs of about $70,000.