It seemed like the entire crypto market was bracing for Bitcoin to break the $100,000 threshold. It is, therefore, no surprise to the seasoned investors that the largest cryptocurrency fell below $92k today on Tuesday.
Pullbacks and corrections are inherent features of a bull market. However, the global liquidity index is painting an ominous picture for BTC.
The Global M2 Money Supply has seen a steep correction, falling by nearly $4 trillion since September. Jesse Cohen from Investing.com believes this could result in a Bitcoin price crash to $70,000 by the end of 2024.
Big if true.Bitcoin $BTC could fall back to ~$70,000 by the end of 2024.Too many people were predicting $100K by the end of the year for it to actually happen. pic.twitter.com/JrFLIXYC9w
— Jesse Cohen (@JesseCohenInv) November 26, 2024
Is Bitcoin Still Worth Buying?
Despite the recent correction to $92k, experts are in consensus that the Bitcoin price will surpass the $100,000 landmark.
Even macro bears like Henrik Zeberg, the Head Macro Economist at Swiss Block who is forecasting a 1929-esque recession, expect BTC to hit $110k in the coming months.
TARGETS FOR #BLOWOFFTOP🚀🚀🚀#DXY ~93.5#SP500: ~6150#Nasdaq: ~27900#Bitcoin: 110KNow calm down! 😆Bear Market and #Recession await after the Blow-Off Top pic.twitter.com/09ZkckJQeK
— Henrik Zeberg (@HenrikZeberg) May 1, 2024
Meanwhile, bulls like Microstrategy’s Michael Saylor and ARK Invest’s Catherine Wood see the largest cryptocurrency hitting anywhere between $300k and $500k in 2025. These bullish projections aren’t pipe dreams, especially if Donald Trump remains firm on his promise to set up a Strategic Bitcoin Reserve.
However, global liquidity serves as a reliable predictor for Bitcoin’s future price trajectory. The fact that the Global M2 Money Supply is down by nearly $4 trillion, despite major cuts by the US Federal Reserve and China’s PBOC, is certainly concerning.
Consequently, a Bitcoin price crash to $70,000 is no longer out of the picture. As such, 30% to 40% corrections are common, even in a bull market. Sidelined investors looking to stack will almost certainly get a better entry point in the coming months.
In fact, whales are actively selling large-cap cryptocurrencies. A deep-pocketed whale unstaked $10.5 million of Solana and sent it to Binance today on Tuesday, data from LookOnChain reveals.
On the contrary, smart money investors are buying new meme coins and presale cryptocurrencies, considering they show little correlation to the broader market outlook.
Pepe Unchained Surges Past $53M In ICO Behind Large Whale Buys – Best Crypto To Buy Now?
Pepe Unchained (PEPU) has firmly established itself as the hottest presale commodity, appealing to whales and retailers alike.
While Bitcoin and large-caps are facing major downside volatility, a deep-pocketed investor purchased $140k worth of PEPU.
Another whale purchased $120k worth of the new meme coin while $50k purchases are daily occurrences for Pepe Unchained.
Behind such heavy whale bidding, the PEPU presale has surpassed the $53 million mark, a remarkable achievement for a meme coin that hasn’t even launched yet. With its ICO set to end on December 13th, it would be no surprise if it hits the $70 million mark in its presale.
After all, Pepe Unchained isn’t an ordinary meme coin. Its Layer-2 chain, a Pump Fun-like meme coin launchpad on Ethereum and cutting-edge tools like custom DEX and block explorer make it more of a next-gen meme coin ecosystem on Ethereum, with PEPU at the centre of it all.
It is therefore no surprise that prominent crypto influencers are eyeing anywhere between 50x and 100x returns from it, calling it the next billion-dollar meme coin.
Visit Pepe Unchained Presale
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Source: https://cryptodaily.co.uk/2024/11/is-bitcoin-worth-buying-near-100000-crash-to-70000-by-2025