Bitcoin Price Recovers to $79,255 Amid M2 Money Supply Insights
Bitcoin's price has shown recovery after a drop to $74,000 earlier this week. Buyers have pushed the price towards $80,000, indicating a potential bullish trend.
Market Metrics and Analyst Insights
Analyst Colin highlights the correlation between Bitcoin's price and the global M2 money supply, suggesting it serves as a predictive tool for Bitcoin's movements. Key points include:
- Bitcoin has been tracking the Global M2 Money Supply with a 108-day offset since August 2024.
- The recent crash aligns with this metric, which now indicates a possible upward movement.
- Short-term consolidation or minor dips may occur before a rally.
- A forecasted major price increase is expected by early May, potentially reaching $128,000 if current trends hold.
- Risks remain due to policy concerns related to “Trump tariffs” impacting the crypto market.
Currently, Bitcoin is trading at $79,255, reflecting a 5.5% increase in the last 24 hours.
