Bitcoin could top $100K but only if ‘high-yield rate’ falls below 7% — Analyst
Bitcoin needs the high yield rate to fall as low as 6% to reach a “sustainable all-time high,” says crypto analyst Timothy Peterson.
One analyst says only one main indicator is necessary to predict whether Bitcoin can surpass its all-time high of $73,700 later in 2024, and it all rests on the shoulders of the United States Federal Reserve.
“The U.S. high yield rate is a great indicator, and it really needs to drop below 6 or 7% for a sustainable all-time high,” Timothy Peterson, Cane Island Alternative Advisors founder and investment manager, told Cointelegraph. He explained that the primary measure he looks to for Bitcoin (BTC) price action is interest rate movement.
At the time of publication, the U.S. high yield rate — which represents the rate of high-yield corporate bonds because of their higher risk of default — is 7.54%, according to YCharts data.
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Author: Ciaran Lyons
