With Bitcoin reaching new all-time highs above the $68,000 mark, crypto analyst Benjamin Cowen says traders should consider one factor when looking at BTC’s chart.
In a new strategy session, the closely followed analyst tells his 600,000 YouTube subscribers that while Bitcoin already put in an all-time high (ATH) late last month, this week’s breakout represents the first true record high since April when taking the US dollar money supply (M2) into account.
Cowen says the amount of US dollars 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 six-figure mark 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.”
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