Bitcoin price enters $68,000, nearing $70,000 price range and precious ATH target.
This fuels speculation of BTC price hitting $100,000 by the end of Q4.
Analyst breaks down the many catalysts behind the expected BTC price pump.
As Bitcoin (BTC) approaches the $70,000 mark, the crypto community is abuzz with predictions of $100K BTC and a massive altseason. While some analysts celebrate the fact that Bitcoin's price is only a mere few pumps away from what could be absolute heaven for long-time holders, others look at the hows behind the expected pump.
Bitcoin Prepares to Enter Heaven’s Door
https://twitter.com/CryptoBullet1/status/1846895299199226186
While the analyst above awaits what is to come, the analyst below explains how this pump will come to be. He begins by addressing whether there is enough liquidity and catalysts to fuel such a surge.
https://twitter.com/Axel_bitblaze69/status/1846635161959456999
Liquidity has always been the driving force behind crypto bull runs, as seen in both 2016 and 2020. Today, stablecoins like USDT and USDC are crucial gateways into the crypto market. The current stablecoin market cap sits at $173 billion, the highest since the UST collapse, with USDT alone accounting for $120 billion.
What Will Fuel the Coming Bitcoin Price Pump?
Historically, BTC price and USDT market cap have been closely linked, and the recent rise in USDT suggests liquidity is ready to flow into BTC and altcoins. One significant catalyst is the new FASB accounting rule, allowing companies to report Bitcoin holdings based on end-of-period market value rather than the lowest price during the period.
According to the analyst, this change, set for December 2024, could lead to a surge in BTC holdings by publicly listed companies. With $2.5 trillion in cash on the balance sheets of S&P 500 companies, Bitcoin’s appeal as an inflation-resistant asset is growing. He also draws light to the M2 money supply, currently at $94 trillion, having increased by 3% since its last peak, but Bitcoin remains below its all-time high.
With rate cuts and quantitative easing (QE) on the horizon, fiat investments will lose appeal, and investors may turn to crypto as the ‘fastest horse’. A $200 billion inflow into the crypto market is very much possible as the bull run progresses.
The post ‘Bitcoin Knocking on Heaven’s Door’ Says Analyst, Dive into The Catalysts Behind This Inevitable Pump appeared first on Crypto News Land.
