Theya Bitcoin Growth Director and Bitcoin Analyst Joe Consorti stated in an X post on November 26 that if Bitcoin continues to maintain its long-term correlation with the global cash and bank deposit money supply, it could fall back to $70,000. "So far, this correlation has been very accurate. We need to watch whether BTC will continue to drop or stop and find support." Consorti noted in an X post the day before that since September 2023, Bitcoin has been tracking the global M2 metric (an estimate of cash and short-term bank deposits) with a lag of about "70 days." The M2 money supply and its growth have historically been related to previous Bitcoin bull markets. Bitcoin prices tend to rise alongside the M2 money supply, as an increase in M2 often signals inflationary pressures, prompting investors to seek out riskier assets like Bitcoin to hedge against inflation. "I don't want to alarm anyone, but if this continues, Bitcoin could see a 20-25% pullback," Consorti added. (Cointelegraph)

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