The post Two Key Indicators in Global Money Supply Could Propel Bitcoin Price Higher! appeared on BitcoinEthereumNews.com.

– Advertisement – News related to ETF, combined with the upcoming halving event, is widely seen as a significant catalyst that could propel Bitcoin to another record level. An analyst suggests that Bitcoin might be on the brink of a significant global money supply rally, challenging the traditional halving theory. According to the analyst, Bitcoin’s potential rally is closely related to two key indicators in global money supply: Chinese bond yields and the Chinese Yuan. Examining the correlation between Bitcoin and global money supply indicators, the analyst makes evaluations about the price rally. Correlation Between Global Money Supply and Bitcoin Bitcoin (BTC) is currently struggling to regain a new all-time high with speculation surrounding the potential approval of a spot exchange-traded fund (ETF) by United States regulators. News related to ETF, combined with the upcoming halving event, is widely seen as a significant catalyst that could propel Bitcoin to another record level. However, some analysts propose that Bitcoin could receive support from an additional catalyst. In particular, on December 1, a renowned crypto analyst suggested that Bitcoin might be on the brink of a significant global money supply rally, challenging the traditional halving theory. The halving theory suggests that Bitcoin experiences significant price rallies after each halving event. BTC/USD According to the analyst, Bitcoin’s potential rally is closely related to two key indicators in global money supply: Chinese bond yields and the Chinese Yuan. The analysis compares Bitcoin’s correlation with these metrics against the U.S. Dollar, U.S. balance sheet, Chinese Central Bank balance sheet, and the assets of the European Central Bank. According to the analyst, historically, Bitcoin tends to bottom when it falls below the Yuan trendline, and a parabolic rally begins when Chinese bond yield trendline reaches low levels. Currently, there is a situation where the Chinese bond…

---

Filed under: News - @ December 2, 2023 7:20 pm