Summary
- As the global M2 supply has reached a record high, it is forecast that the price of Bitcoin (BTC) could rise up to $170,000.
- In past cases, an increase in M2 supply has coincided with higher investment demand for risk assets, and it was noted that Bitcoin lags behind M2 increases by about 36 months on average.
- The observation that when Bitcoin broke through $100,000, it showed a similar upward pattern about 12 weeks after the trend in global M2, suggests the possibility of continued bullish momentum.
On the 2nd (local time), cryptocurrency-focused media outlet Cointelegraph, citing multiple analysts, stated that "the global M2 (broad money including cash and deposits) supply has reached a record high of $55.48 trillion, and there is a possibility that Bitcoin (BTC) price could rise up to $170,000."
The media outlet explained, "In general, when the M2 supply increases, the demand for investments in risk assets also tends to increase," adding, "Based on past examples, Bitcoin has typically lagged behind the increase in US and global M2 supply by about 36 months on average, showing a similar directional trend."
They further indicated the potential for continued bullish momentum, noting, "Especially when Bitcoin surpassed $100,000 last April, it showed a similar upward pattern with a time lag of about 12 weeks compared to the global M2 trend."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
![Rotation from tech to blue chips…Micron plunges 9.55% [Wall Street Briefing]](https://media.bloomingbit.io/PROD/news/d55ceac4-c0d2-4e63-aac9-f80fd45dfbbd.webp?w=250)