Bitcoin pumps past $109,000! Record high M2 Money Supply may drive BTC to hit historical highs.

Bitcoin (BTC) is showing a pump today. As of the time of writing, the BTC trading price is $109,232, with a rise of 3% in the last 24 hours, heading towards the ATH! This key resistance level has been anticipated by the market for several weeks. However, with the global M2 Money Supply reaching an all-time high, traders' optimism about BTC breaking records is reigniting.

Global M2 Money Supply Surpasses 100 Trillion USD In the past few weeks, Bitcoin's price has been lacking strong upward momentum. Meanwhile, the global Money Supply continues to grow, setting a new record of over 100 trillion USD.

Historical experience shows that the growth of M2 Money Supply usually drives the price of Bitcoin to rise. Therefore, traders might start turning to Bitcoin due to concerns over the risk of rising inflation. The recent growth of M2 is more likely to encourage investors to buy Bitcoin to hedge against the risk of fiat currency devaluation, avoiding holding USD or other currencies that may depreciate.

Analyst Ash Crypto conducted a comparative study on Bitcoin prices and M2 supply growth, pointing out that whenever M2 growth tends to flatten, the Bitcoin price trend also flattens; whereas when the M2 supply increases or decreases, the BTC price shows similar movements. Based on this chart analysis, Ash provided a bullish Bitcoin price prediction, believing it could rise to $175,000, setting a new ATH.

Meanwhile, analyst MartyParty stated that Bitcoin's next target price is in the range of $145,000 to $146,800. He added that since February of this year, two types of assets (implying large funds) have been in an "accumulation phase," which means some traders may be quietly accumulating, waiting for the next wave of market movement to start.

As these positive analyst views emerge, strong demand for other assets (such as the S&P 500 index reaching a historical high) may also spill over into the Bitcoin market. A recent report from CoinGape pointed out that the momentum of the S&P 500 index reaching a historical high (ATH) may soon drive the rise of Bitcoin.

Bitcoin Price Prediction: $119,000 Will Be the Next Target? The continuously growing Money Supply is providing upward momentum for Bitcoin prices. A bullish Bull Flag pattern has appeared on the current technical chart, indicating potential upward space, which also echoes the bullish outlook of the M2 supply on Bitcoin prices.

The height of this flag pattern suggests: If the bulls can successfully break through the resistance line at the upper edge of the channel, the Bitcoin price is expected to welcome a 10% rise and set a new ATH of $119,000.

In addition, the BTC price has successfully risen above the 200-day Simple Moving Average (200-day SMA), which suggests that the bulls may continue to take control. The 50-day SMA (50-day SMA) also forms a strong support level, and as long as the price remains above this average, the upward trend is expected to continue.

Considering that the Relative Strength Index (RSI) is rising and has broken through the 50 midline, the likelihood of achieving the target level of $119,000 increases further. As long as this indicator maintains its upward trend, bullish pressure will continue to accumulate, and the price of Bitcoin is expected to challenge new ATH.

Conclusion: Does M2 Growth Indicate BTC Rise? The global M2 Money Supply continues to rise, and if historical patterns repeat, the price of Bitcoin is likely to follow its upward trend. Analysts generally expect Bitcoin to reach a new historical high, coupled with a clear bullish flag pattern on the technical front, the possibility of Bitcoin heading towards the $119,000 target level does indeed exist.