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Macro expert Lyn Alden says conditions are favorable for Bitcoin (BTC) to land a $100,000 price tag or more.
In a new Blockcworks Macro interview, Alden says BTC is witnessing a supply shock as the majority of long-term Bitcoin holders are not yet ready to let go of their stacks at current prices.
According to Alden, the constrained BTC supply coupled with rising global liquidity is proving to be a solid setup for Bitcoin to rally to the six-figure mark in the coming months.
“For Bitcoin, most indicators that I track point to being fairly midcycle in terms of the bull run. I still think the next 18 months look favorable for the asset. Again, it tracks global liquidity pretty well. The on-chain indicators can show us, for example, how much long-term holders are selling into current strength.
Because even though Bitcoin supply is constrained, if the price goes up 3x or 5x in a fairly short period of time, you generally some of those older coins start to come to market, start meeting that new demand. We’ve seen some of that but so far we’ve seen less of that in this cycle than in prior cycles.
My expectation is there’s room to run both from the liquidity side being fairly constructive. That should help demand. And I still think there has to be a higher price to unlock some of these older coins to meet that demand.
I would be surprised not to see six-figure Bitcoin over the next 18 months.”
At time of writing, Bitcoin is trading for $63,758, a slight increase in the 24 hours.
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