“Bitcoin is marking new all-time highs above the 68,000 mark, and a Top crypto analysts says traders should consider the following Key factor when looking at BTC’s chart”— Paul Ebeling
In a new strategy session, Benjamin Cowan, a closely followed analyst is telling his 600,000 YouTube subscribers that while Bitcoin has already put in a ATH late last month, this wk’s breakout represents the 1st true record high since April when taking the USD money supply (M2) into account.
Mr. Cowen says the amount of USDs in circulation should be considered when trying to predict the future price of Bitcoin, and the rapidly expanding money supply suggests that BTC might have more Bullish potential than traders realize.
“The whole idea is, you might as well take into account the money supply. Because we know if trillions are being printed… then perhaps we should consider that in what is theoretically obtainable for Bitcoin.
Maybe that means it can push even higher because we have a lot more money in the system. If everyone’s going to get an ‘altcoin’ USD [US dollar] airdrop of $1,200 way back when, then we should consider that some of those people might go buy Bitcoin with it.
Bitcoin has now put in a new all-time high when accounting for the money supply.”
The analyst says that although it may be easy to predict Bitcoin going to $100,000 without giving a specific timeline, he now believes it will likely break the mark in this market cycle.
“The general direction is up. I do believe Bitcoin will make it to $100,000. I do believe it will make it there this market cycle.
I don’t think we have to wait many years for Bitcoin to make it to $100,000 at this point. I would think we would make it there this market cycle.
But I also would say I think we’re going to go above $100,000. I don’t even think $100,000 is the top.”
Shayne i agree and believe we will see GBITS mark $600/each in this market cycle too. Currently GBITS is trading at $382.27 with $400 in sight.
Have a prosperous day, Keep the Faith!