Silver’s Decade-High Breakout: Will Bitcoin Follow with a $100K Move?

• The price of gold and silver rises with Silver to Reach Its Highest in a Decade as Global Liquidity and Economic Instability Rises.
• Global liquidity is currently boosting different forms of markets, including precious metals and possibly cryptocurrencies.
• Altcoins, however, are still rather quiet, but Bitcoin may surge to $90,000-$100,000 by the end of 2024.

Gold and silver rise further in global markets with silver hitting a 10 year high. As global liquidity rises, the buy the precious metals market is again gaining popularity, with players fleeing from the unpredictable world economy. At the same time, focus is turned to the crypto market, which continue to indicate further consolidation of the altcoins, but the signals of a new wave of growth of Bitcoin to the end of the year appear

Gold continues to push higher, while Silver has reached the highest price level in a decade.

Global liquidity is significantly increasing and #Altcoins have barely started.

Before the end of the year, we’re likely seeing #Bitcoin trading between $90,000-100,000.

— Michaël van de Poppe (@CryptoMichNL) September 26, 2024

Over the past weeks, gold prices have continued to rally, due to the enhanced global liquidity, as well as continuing global economic turmoil. It has emerged that investors are dumping stocks and buying gold as other central banks around the world continue with elongated loose monetary policies. However, the hype has been placed on silver due to its ability to increase its price to ten year-high. Authorities believe that a combination of factors that make silver a precious metal has boosted the metal’s price, especially in electronics and renewable energy sectors.

Global Liquidity Fuels Market Movements With Bitcoin on Track

The increase in the prices of both gold and silver can be significantly explained by the increased level of global liquidity. This is because as the central banks continue to inject more liquidity in the economies with a view of easing the impacts of inflation, asset prices are going up. This means there is some form of increased liquidity flow which is pushing the demand of the so called ‘safe haven commodities’ such as gold and silver as well as other other markets including the blockchain and Crypto currency.

While gold and silver have received most of the attention, many market players are focusing on Bitcoin. Since altcoins have not had their breakout yet, bitcoin seems to be the next one to blow before the year ends. The analysts’ forecast indicates that by the end of 2024, Bitcoin might fluctuate in the range of $90000-$100000. Such an increase in the price of Bitcoin would be attributed to factors such as; more global money supply and the next Bitcoin halving is anticipated to happen in 2024.

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