Spike

Vanar Chain

<p>The price of Bitcoin has continued to be bullish for the past week after hitting a local bottom at around $58,000. Since then, there has been an increase of more than 15%, reaching a high of over $68,000 on Wednesday.</p>
<p>The price is moving close to the psychological level at around $70,000. The question now remains if there is enough liquidity for<a href="https://captainaltcoin.com/bitcoin-price-breaks-crucial-resistance-heres-why-btc-could-skyrocket/" target="_blank" rel="noopener noreferrer nofollow"> BTC to spike </a>to $100,000.</p>
<p>Axel Bitblaze, with more than 108,000 followers on X, shared insights to discuss if there is enough liquidity to BTC price to spike to $100,000 soon.</p>
<p><strong><em>Read Also:<a href="https://captainaltcoin.com/indicator-that-correctly-predicts-dogwifhat-wif-price-direction-now-signals-a-buy/" target="_blank" rel="noopener noreferrer nofollow"> Indicator That Correctly Predicts Dogwifhat (WIF) Price Direction Now Signals a Buy</a></em></strong></p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> is nearing $70K, and CT is already shouting for $100K BTC and a massive altseason<br><br>But let’s talk facts. is there really enough liquidity &amp; catalysts in place to send us higher ?<br><br>Here’s my breakdown of upcoming liquidity events with stats. A must read thread: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>— Axel Bitblaze <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1fa93.png" alt="🪓" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Axel_bitblaze69) <a href="https://twitter.com/Axel_bitblaze69/status/1846635161959456999?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 16, 2024</a>
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<h2 class="wp-block-heading" id="the-need-for-increased-liquidity">The Need for Increased Liquidity</h2>
<p>In his thread, Axel emphasized the importance of liquidity in the crypto market, recalling how previous bull runs in 2016 and 2020 were driven by increasing liquidity. He suggested that the current conditions could lead to a similar scenario, but only if the necessary liquidity events materialized.</p>
<p>Axel outlined several key factors contributing to the liquidity landscape:</p>
<p><strong>Stablecoins Market Capitalization</strong>: He noted that stablecoins are crucial for the crypto ecosystem. Currently, the<a href="https://coinmarketcap.com/view/stablecoin/" target="_blank" rel="noopener noreferrer nofollow"> market cap for stablecoins </a>stands at $173 billion. This is its highest level since the collapse of UST.</p>
<p>He highlighted that USDT, which accounts for 69% of the total stablecoin market cap, has historically shown a close correlation with Bitcoin’s price movements.</p>
<p><strong>FASB Rule Changes</strong>: Axel explained the significance of the <a href="https://www.fasb.org/" target="_blank" rel="noopener noreferrer nofollow">Financial Accounting Standards Board (FASB) </a>rule. This will allow publicly listed companies to report Bitcoin based on its market value at the end of the reporting period.</p>
<p><strong><em>Read Also: <a href="https://captainaltcoin.com/stacks-stx-set-to-rally-as-familiar-pattern-returns-vanar-chain-vanry-struggles-to-break-out/" target="_blank" rel="noopener noreferrer nofollow">Stacks (STX) Set to Rally as Familiar Pattern Returns; Vanar Chain (VANRY) Price Struggles to Break Out</a></em></strong></p>
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<p>This change, effective December 2024, could encourage more companies to hold Bitcoin as part of their balance sheets, particularly given the current economic climate and inflation concerns.</p>
<p><strong>M2 Money Supply</strong>: He discussed the M2 money supply, which is currently at $94 trillion. Axel pointed out that for every 10% increase in M2, Bitcoin has historically pumped by 90%. With the money supply increasing and global rate cuts anticipated, he speculated that more capital could flow into crypto as traditional investments become less appealing.</p>
<p><strong>Money Market Funds:</strong> Lastly, Axel noted the behavior of money market funds, which have reached a new high of $6.5 trillion. As interest rates decline, he predicted a significant outflow from these funds, redirecting capital towards riskier assets like Bitcoin.</p>
<p>Axel Bitblaze suggested that it is indeed plausible for Bitcoin to see at least $200 billion in inflows in the coming months which could see Bitcoin spike to $100,000.</p>
<p>He calculated that a mere 0.19% of the total capital in M2 money supply, money market funds, cash holdings, and stablecoins would be enough to drive significant investment into the crypto market.</p>
<p><em><strong>Follow us on <a href="https://x.com/CaptainAltcoin_" target="_blank" rel="noopener noreferrer nofollow">X (Twitter)</a>, <a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap </a>and <a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Binance Square</a> for more daily crypto updates.<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-btc-price-nears-70000-again-is-there-enough-liquidity-for-spike-to-100000/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Nears $70,000 Again: Is There Enough Liquidity for Spike to $100,000?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin (BTC) Price Nears $70,000 Again: Is There Enough Liquidity for Spike to $100,000?

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