The article discusses the recent fluctuations in Bitcoin’s price, which fell below $110,000 after hitting an all-time high of $111,900 just days earlier. Despite this pullback to $107,500, some analysts, like Colin from X, remain optimistic about Bitcoin’s future.
Colin highlights the significance of the Global M2 Money Supply, which recently reached a record high and historically correlates significantly with Bitcoin’s price movements. He argues that this indicates Bitcoin’s recent price dip is part of a healthy correction within a broader bullish trend.
Despite current skepticism among market participants, Colin notes that Bitcoin’s market indicators, such as the Crypto Bull Run Index (currently at 79), suggest that there is still potential for growth. He predicts that if the correlation with the M2 supply continues, Bitcoin could exceed $130,000. At the time of reporting, Bitcoin was trading around $109,670, reflecting a 2% increase over 24 hours.
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