Editor's PiCK
"Bitcoin has a strong correlation with global liquidity...Can reach $140,000 by summer"
Summary
- Matrixport forecasted that if global liquidity is maintained, Bitcoin could reach $140,000 by this summer.
- The report stated that support at the $105,000 level is important, and the correlation would be maintained as long as it does not fall significantly below this level.
- Although the correlation could break down at any time, it would remain useful as long as the market uses global liquidity indicators as key indicators.
If the correlation between global liquidity indicators and Bitcoin (BTC) continues, there is an opinion that it could reach $140,000 by this summer.
On the 18th (local time), Matrixport stated in a report, "Over the past 18 months, global liquidity indicators have shown a high correlation with Bitcoin prices," and forecasted that "if this relationship continues, Bitcoin could reach $140,000 by the end of this summer."
However, it emphasized that support at $105,000 is important for Bitcoin. The report noted, "Bitcoin's current sideways movement between $105,000 and $110,000 matches the movement of global liquidity indicators," but also stressed, "In order to maintain this correlation, Bitcoin should not fall well below $105,000." The report added, "While the correlation may eventually break down, as long as the market uses it as a major indicator, it remains useful."
As of 4:18 p.m., Bitcoin is trading at $104,872 on the Binance USDT market, down 1.71% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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