Discover How Bitcoin’s Value Can Benefit from Macro Trends in 2024
- Bitcoin’s price
Bitcoin’s price chart rose 7.5% to hit $66,000 following the release of key lower-than-expected U.S. inflation data. Bitcoin’s positive reaction to the cooler inflation data is part of its broader move following key macro events such as Fed interest rate expectations.
“I think Bitcoin is a great asset. It seems to be trading in line with the liquidity in the market.”
He added that the market would react to any event that could affect liquidity, such as quantitative easing, a reduction in balances, or Fed interest rate decisions.
What will “better macro conditions” mean for Bitcoin in 2024?
The correlation between BTC and macro events, particularly the Fed interest rate decision, has increased in recent weeks after inflows into the new US spot BTC ETFs dried up.
“Global liquidity is forming an ascending bullish triangle. Expected breakout by October 2024. “#Bitcoin will be a record year in 2025.”
According to the global liquidity forecasts above, the ongoing consolidation of BTC (60k-72k) could extend until early Q4 2024. The above forecast has a slightly different timeline than Mike Novogratz’s predictions.
He is not alone. Philip Swift, the founder of the analytics platform Look Into Bitcoin, said that based on the Golden Ratio Multiplier, BTC could explode to three times its current value.
“The GR Multiplier was a great help during Bitcoin’s adoption phase. Now we are entering a brand new phase (supercycle? kek)”
The GR Multiplier measures short-term and long-term prices based on Bitcoin adoption curves and market cycles.
Bitcoin is entering its mature phase of integration into global markets. The recent Bitcoin ETFs are proof of this.”
Analysts expect BTC to break out of the range and continue higher, but they have different timelines.
BTC could reach the high in the $71,000 area in the short term after the market structure on the lower and upper time frames was bullish.
