Bitcoin could gain significant traction from the growing M2 money supply, but a correction below $58,000 is still on the table before more upside.
Bitcoin is at a “perfect” setup from a macroeconomic perspective, but over $500 million worth of looming liquidations threaten to create more volatility for the world’s first cryptocurrency.
In relation to the global M2 money supply, Bitcoin’s (BTC) current mid-cycle correction positions it for an imminent bullish breakout, according to Jamie Coutts, a chief crypto analyst at Real Vision.
