An analyst says Bitcoin’s correlation with the global M2 suggests it could imminently drop 20%, but not all observers agree.
Bitcoin could retrace toward $70,000 if it continues its long-standing correlation with the global money supply in cash and bank deposits, according to an analyst.
“So far, this correlation is shockingly accurate,” Theya Bitcoin head of growth and Bitcoin (BTC) analyst Joe Consorti stated in a Nov. 26 X post.
“We’ll have to see if BTC follows it all the way down or stops short and finds support,” Consorti added.
