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This article is also available in Spanish.
Bitcoin has seen a piercing withdrawal in the last few days, falling below $ 110,000 after determining Fresh all time from $ 111,900 just four days ago. In the price correction, it dropped by up to USD 107,500 before a slight reflection, increasing doubts among investors The strength of the last rally. Despite this departure, some analysts say that the stubborn structure is still intact for Bitcoins. In particular, Colin cryptographic analyst pointed to an captivating macroeconomic indicator called Global Money Money Supply as a reason for constant optimism.
Global M2 Money Supply claims that the Bitcoin rally is still robust
According to Analysis published by COLIN cryptographic analyst on the Social Media platform X, Bitcoin is still following the global M2 money supply with accuracy of compensating by an 82-day delay. The chart emphasizes that the global M2 aggregate, which reflects the total fluidity circulating in the largest economy in the world, has recently reached a up-to-date level of all time. Historically, Bitcoin carefully reflected this trend with a slight delay, and Colin believes that this model suggests that there is still a significant place for the price of bitcoins for climbing.
The correlation between the global M2 monetary supply and the Bitcoin price operation is statistically relevant in various time frames, with the highest correlation of 93% found in the 1.5 year window. This robust correlation shows that the recent Bitcoin rally is on the reverse of deeper monetary expansion trends.
With this in mind, the interpretation consists in the fact that Bitcoin goes through a well withdrawal in a wider trend, especially in the context of global cash supply. Outflow to $ 107,500 does not annul the stubborn configuration and bitcoin ability to hold above The previous level of consolidation from USD 102,000 to USD 104,000 is also a positive note.
Colin: Social sentiment is still skeptical, but the data speak loudly
Despite the up-to-date $ 111,900 of all time and Bitcoin Bulls, successfully maintaining its level of breakthrough as support, social sentiments He is still a bit uncertain. This was also noticed by Colin, who indicated that many market participants still doubt sustainable development, describing this disbelief as ironic Given the strength of basic data.
Colin also appealed to CBBI (Crypto Bull Run Index), which currently reads 79, still comfortably below the overheated threshold. This indicates that according to normal standards, the market is far from the euphoric peak, and there is still a significant augment in the cycle.
The chart given by Colin emphasizes the expected trajectory up, in which Bitcoin breaks the current levels in the direction of USD 130,000 and more if the M2 correlation is still being played.
Interestingly, Colin’s analysis regarding the global supply of M2 and its relationship with Bitcoin was on the spot in predicting the Bitcoin Rally. In April, when Bitcoin fell to USD 74,000, he had to give up that they were It would mean another vast period of breakthrough at the Bitcoin price, and this forecast materialized exactly as he expected.
At the time of writing, BTC trades for USD 109,670, which is an augment of 2% in the last 24 hours.
A distinguished picture from Getty Images, chart from TradingView.com
