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Bitcoin broke through the $100,000 level this week, reaching $104,000 before moderating to about $103,000. The move came after news that US and Chinese officials would sit down in Switzerland to talk about a possible trade agreement. Markets responded promptly. Optimism returned, and Bitcoin rose accordingly. But analysts are seeing beyond the headlines. Global liquidity is the real story.
Global M2 Reaches $111 Trillion
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Julien Bittel, a macro researcher at Global Macro Investor, is of the opinion that global M2 money supply is a good leading indicator of where Bitcoin is going. He presented a chart illustrating a 12-week lag between increasing M2 and the price of the top crypto. Briefly
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