This chart highlights the strong correlation between Bitcoin’s price (RHS, blue) and Global M2 Money Supply (10-week lead, orange), suggesting that Bitcoin’s price action lags behind global liquidity trends by approximately 10 weeks. Historically, increases in M2 have led to bullish Bitcoin movements, making M2 a leading indicator for BTC’s price action.
Bitcoin has closely followed M2’s trajectory, and the chart marks April 9 as a key turning point, with a critical support level around $79,470. Given M2’s prior surge, Bitcoin is expected to initiate a strong upward move post-April 9, potentially pushing toward six figures ($100K+) in Q2 2024 if the correlation holds.
While short-term consolidation or a retest of $79,470 remains possible, the medium-term outlook remains bullish. If M2 continues to rise, Bitcoin is likely to follow, with projected targets in the $95K - $110K+ range. However, macroeconomic risks, such as a slowdown in M2 growth or liquidity tightening, could delay the expected breakout.
Key Takeaways:
April 9 marks a potential breakout point for Bitcoin, following M2’s lead.
Key support: $79,470 (a potential bounce zone before the rally).
Medium-term targets: $95K - $110K+ by mid-2024.
Watch Global M2 trends—continued liquidity growth supports a Bitcoin bull run.
If Bitcoin maintains its correlation with M2, this liquidity-driven cycle could propel BTC to new all-time highs in the coming months. 🚀
Bitcoin has closely followed M2’s trajectory, and the chart marks April 9 as a key turning point, with a critical support level around $79,470. Given M2’s prior surge, Bitcoin is expected to initiate a strong upward move post-April 9, potentially pushing toward six figures ($100K+) in Q2 2024 if the correlation holds.
While short-term consolidation or a retest of $79,470 remains possible, the medium-term outlook remains bullish. If M2 continues to rise, Bitcoin is likely to follow, with projected targets in the $95K - $110K+ range. However, macroeconomic risks, such as a slowdown in M2 growth or liquidity tightening, could delay the expected breakout.
Key Takeaways:
April 9 marks a potential breakout point for Bitcoin, following M2’s lead.
Key support: $79,470 (a potential bounce zone before the rally).
Medium-term targets: $95K - $110K+ by mid-2024.
Watch Global M2 trends—continued liquidity growth supports a Bitcoin bull run.
If Bitcoin maintains its correlation with M2, this liquidity-driven cycle could propel BTC to new all-time highs in the coming months. 🚀
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.