After Bitcoin (BTC) reached its last all-time high of nearly $69,000, a significant portion of the market has increasingly viewed the $100,000 level as the next potential milestone for the maiden cryptocurrency.
With Bitcoin presently trading above the $60,000 support zone, discussions surrounding the $100,000 target have resurfaced, with some market participants projecting that this milestone could be achieved in 2024.
In this context, crypto trading analyst Gareth Soloway has identified a crucial catalyst that could propel Bitcoin to the targeted mark. During an interview with David Lin published on March 2, Soloway stressed the importance of monitoring market liquidity, suggesting that an increase might favor Bitcoin.
According to Soloway, investors should scrutinize liquidity “like a hawk,” highlighting the potential impact of systemic changes in liquidity on Bitcoin’s trajectory.
Soloway pointed to the Federal Reserve’s dilemma in managing monetary policy amid record-high markets and approximately 3% inflation. He emphasized that the Fed’s reluctance to cut rates aggressively could sustain high inflation, potentially bolstering Bitcoin’s upward trend.
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