Crypto analyst Colin has assured that Bitcoin against the Global M2 money supply continues to be bullish. Based on this, he predicts that the flagship crypto will soon blast past $100,000 and rally to a new all-time high (ATH) in the coming months.
Bitcoin Vs. Global M2 Money Supply Remains Bullish As BTC Eyes New ATH
In an X post, Colin stated that the Global M2 has remained at an all-time high for three days in a row, which he noted is a “fantastic sign” for Bitcoin and other risk assets. However, he warned that it could still take some weeks before the liquidity flows into BTC. His accompanying chart showed that the flagship crypto could rally to as high as $144,000 when that happens.
In the meantime, Colin predicts that there could be another dip buying opportunity since the Global M2 doesn’t show a blast-off for another one to two weeks. Instead, it shows a slow bleed until around April 16th or 17th. As such, the analyst looks convinced that there will be another buy-the-dip opportunity. It is worth mentioning that his chart showed that the blast-off might not happen until May.
Meanwhile, Colin cautioned doubters and flip-floppers, noting that the Global M2 is a macro chart and that it is best to view it as such and have patience. He added that they shouldn’t be swayed by each small price movement, even when Bitcoin breaks to the downside.
He also noted that this is backed by the fact that the Global M2 will deviate 20% of the time due to mathematical correlation, including deviations to the upside and downside. However, Colin remarked that this is why the market participants must zoom out in order to account for that 20% non-correlated period. The analyst concluded that he wouldn’t be too quick to judge the M2 offset on each short-term Bitcoin price movement.
BTC Momentum Flip Might Be Happening
Crypto analyst Titan of Crypto indicated that a Bitcoin momentum flip might be happening. He revealed that the LMACD is showing a clear shift in momentum, while price action is displaying strength on the weekly chart. He added that momentum and structure are aligned. His accompanying chart showed that BTC will seek to reclaim $90,000 on this momentum flip.
Related Reading: Crypto CEO Reveals Why The Bitcoin Bull Market Is Over With Crash Below $80,000
In another X post, Titan of Crypto stated that a major breakout was on the horizon for the Bitcoin price. He claimed that BTC could be on the verge of a reversal as the weekly Relative Strength Index (RSI) just broke its trendline, which is a key shift in momentum.
At the time of writing, the Bitcoin price is trading at around $85,400, up over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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