Bitcoin to $90,000 in 2 months if trend continues?
Daily chart performance shows Bitcoin back in red at press time. After the unusually positive September bar, the currency fell about 5% from the $65,000 and $66,000 resistance zone in October.
Does Bitcoin Follow Global M2 Money Supply Growth To $90,000?
Despite the shrinkage, traders predict the currency to rise. One expert said on X that Bitcoin would hit $90,000 in two months if it follows the global M2 money supply pattern.
According to the researcher, Bitcoin values are closely related to worldwide M2 money supply. BTC prices rise as global money supply rises.
Global liquidity is growing. If the prior connection holds, the coin may break above March highs and reach $90,000, according to the expert.
Local resistance is at September 2024 highs of $65,000–$66,000. Bitcoin may rise if bulls return and boost mood and pricing.
Strong short-term resistance occurs between $70,000 and $72,000. A short squeeze might push the world's most valuable currency over March highs if it breaks above this level.
China Driving Global Liquidity, Fed Plans More Rate Drops
Although technical factors may favor Bitcoin bulls, experts regularly track the global M2 money supply. One X user says the declining USD is increasing global liquidity.
As predicted, when the Japanese, Chinese, or EU money supply grows in USD terms, the greenback's value declines, changing the global M2 money supply valuation.
Chinese monetary policy adjustments have driven global liquidity higher in recent weeks, the expert adds. PBoC cut interest rates and wants to infuse billions to boost the economy.
Its M2 money supply exceeds the US in USD. Thus, it drives worldwide M2 money supply growth.