Bitcoin Surges Above $94,000 as Market Faces Key Indicators

Coin-Turk 10 months ago 138

Bitcoin $95,160, the largest cryptocurrency globally, surged above $94,000 as selling pressure eased, without dipping to previous low levels. Wall Street veteran Raoul Pal predicts a rebound for Bitcoin, anticipating a rise in global M2 money supply, which he believes will positively impact the cryptocurrency’s price.

The Impact of Global M2 Supply on Bitcoin

Over the past two years, the decline in global M2 money supply has sparked debates about the lack of liquidity support for Bitcoin’s price rally. This situation has once again brought attention to the historical correlation between Bitcoin’s value and M2 supply.

Raoul Pal’s Caution to Traders

Raoul Pal, founder of Global Macro Investor, advises traders not to panic amid recent market movements. He stated, “The global money supply resembles the charts from 2016-17 and may experience strong expansion soon.”

Chris Kuiper, Research Director at Fidelity Digi...

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