# Bitcoin Price Analysis: $120,000 Target in Sight? Recent analysis indicates a growing sentiment that Bitcoin (BTC) is poised to break the $120,000 mark. According to Cointelegraph, analyst Ted highlights BTC's undervaluation relative to the global currency supply. This perspective suggests substantial upside potential if the historical correlation between Bitcoin and global liquidity persists. Historically, Bitcoin demonstrates a strong correlation (over 80%) with global liquidity, particularly the M2 currency supply. BTC tends to lag this supply by approximately 60 days. This lag indicates that current market conditions haven't fully reflected the increased global liquidity, presenting an opportunity for future growth. # Market Sentiment Shifts Positive Recent market behavior further supports this optimistic outlook. While put option demand briefly spiked on Deribit last weekend, pushing the put/call ratio to a one-year high, it has since normalized. The futures premium also recovered, indicating a positive shift in overall investor sentiment. This suggests increasing confidence in Bitcoin's upward trajectory. Investors are now betting on Bitcoin's rise, fueling speculation about the $120,000 target. ```

#BTC