Bitcoin Could Soar to $110,000, Say Market Experts
Some market experts are forecasting that Bitcoin could soar to a new all-time high of $110,000 before encountering any significant pullbacks.
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They point to factors like easing inflation and rising global liquidity as critical drivers of this potential price surge.
Bitcoin has been on a steady upward trajectory over the past two weeks, closing just above $86,000 on March 23, according to TradingView data. This momentum, combined with reduced inflation concerns, sets the stage for a rally towards $110,000, according to Arthur Hayes, co-founder of BitMEX. He suggested that the Federal Reserve’s shift from quantitative tightening (QT) to quantitative easing (QE) is a major factor in this bullish outlook.
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In a March 24 post, Hayes confidently stated that he expects Bitcoin to hit $110,000 before experiencing any major price retracement. He noted that the Fed’s move to purchase treasuries and a more favorable inflation environment would likely propel Bitcoin to this level. Hayes even speculated that once Bitcoin reaches $110,000, the price could skyrocket to $250,000 without looking back.
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While some analysts agree with this view, others caution that the Fed’s transition is not fully complete yet. Benjamin Cowen, CEO of IntoTheCryptoVerse, highlighted that the Fed is still reducing its balance sheet, albeit at a slower pace. Despite this, the broader market remains hopeful for a shift toward easing, which has historically been beneficial for Bitcoin’s price.
In the past, when the Fed engaged in QE, Bitcoin experienced significant price growth. The last period of easing in 2020 saw Bitcoin’s price surge from around $6,000 to a record high of $69,000 by late 2021. Analysts believe a similar pattern could be emerging again, with Bitcoin primed for another substantial rally.
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Alexander Stefanov
