CandleFocus Bitcoin Faces Potential 25% Correction Amid Global M2 Decline
2024-11-26
Author: Content Editor
Bitcoin's price is under scrutiny as analysts consider its correlation with the global M2 money supply. Theya's head of growth, Joe Consorti, has highlighted Bitcoin's close tracking of the M2 with a 70-day lag. Based on this analysis, Consorti warns of a potential 20-25% correction for Bitcoin if the trend continues. Other proponents of this correlation suggest adopting a long-term dollar-cost-averaging strategy. However, others argue for a broader five-year chart to gain more insight into Bitcoin's behavior. Historically, Bitcoin's price has aligned with M2 expansion, with increases indicating bullish trends and declines signaling corrections. Factors such as the Bitcoin halving and institutional interest in Bitcoin ETFs may counteract M2-related pressures. Traders should prepare for volatility as macroeconomic factors unfold. At the time of writing, Bitcoin is trading at $94,395, down 3.37% since the Tuesday session opened.
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