Bitcoin is rallying above the mark of $66,000 as the article is being drafted. There is speculation that it could go as high as $100k by the end of this year. Alternate speculation suggests that the token could even surpass the mark of $150,000 before entering the next year. Some of it is linked to the Spot Bitcoin ETF, whose applications were approved by the US Securities & Exchange Commission in January. The rest of the part is linked to Bitcoin Halving, about which almost every analyst has detailed in their reports.
Ali Chart, a notable crypto enthusiast, is one of those analysts. He has highlighted that Bitcoin Halving has reduced the token supply to 4.6 million. He has reasoned that this matters because it ultimately influences the price at which BTC trades in the market. Ali assumes that the price will be impacted even if the demand remains the same, as a reduction in supply has introduced the scarcity factor for Bitcoin.
The predicted impact is undefined, but the overall sentiment remains optimistic for a $100k milestone. Bitcoin could look for early support at $66,000, which will pave the way for the rise to $75,000, followed by the most-awaited surge. For reference, a single BTC was listed at $66,190.25 at the time of articulating this piece. That is a 0.36% surge in the last 24 hours and a 4.51% jump in the last 7 days.
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The 24-hour volume of Bitcoin is down by 1.33%, while the market cap is up by 0.35%.
This is not the first time Ali has talked about Bitcoin in their posts on X. A recent post on the platform suggests that Ali believes in setting the next resistance level between $69,900 and $71,200 for a more optimistic future.
The first challenges that Bitcoin will have to address are high transaction fees and a long time to process requests. Both of these factors are likely to hamper the growth rate at which Bitcoin is eyeing, achieving the level of $100k. Alternate networks are doing a better job via lower transaction fees and faster processing times. Native tokens remain on a downtrend amid volatility, but the chances of making a comeback are still praiseworthy.
Bitcoin has yet to validate the replication of Wave 4, which happened in early 2021. Once it does, the community will be more optimistic about the bull run, as the reversal trend will largely prevail over other sentiments.
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Ali Charts is now seeking a surge in Bitcoin liquidity ahead of the upcoming US elections. Ali Charts has added that Bitcoin has finally broken the trend of mirroring the Global Liquidity Index. An interpretation signifies that it is time for Bitcoin to venture out on new roads when it comes to liquidity.
