Bitcoin's price, which was approaching the highly anticipated $100,000 mark, has unexpectedly dropped to $90,000, leaving investors uneasy and questioning whether a deeper decline is on the horizon.
While market corrections are often seen as routine, analysts suggest this downturn may persist as Bitcoin’s recent rally cools off.
Joe Consorti, a popular market analyst, has highlighted Bitcoin’s historical alignment with the Global M2 money supply. He predicts that if this trend holds, Bitcoin’s value could dip further, potentially reaching the $75,000 to $80,000 range.
UPDATE: One day after my last chart, bitcoin is now $5,000 lower, following the path set by global M2 several weeks ago very closely.
So far, this correlation is shockingly accurate.
We’ll have to see if BTC follows it all the way down, or stops short & finds support.
🍿🍿🍿 pic.twitter.com/oEGOuYYRio
— Joe Consorti ⚡️ (@JoeConsorti) November 26, 2024
According to Consorti, Bitcoin’s price movements since September 2023 have mirrored the Global M2 supply with a delay of about 70 days, suggesting that the current correction is consistent with global liquidity trends.
Consorti emphasized the reliability of this correlation in recent months but left open the possibility of deviation, stating that it remains uncertain whether Bitcoin will fully follow the predicted bearish trajectory or find support sooner.
In a recent analysis, he warned that if this pattern continues, Bitcoin could face a correction of 20-25%, signaling a potentially turbulent period ahead for the market.
European banking giant UniCredit is preparing to offer its professional clients a new investment product linked to BlackRock’s spot Bitcoin ETF (IBIT), according to a report by Bloomberg.
Connecticut has officially distanced itself from government adoption of digital assets like Bitcoin. On June 30, Governor Ned Lamont signed House Bill 7082 into law, placing sweeping restrictions on how the state and its agencies can engage with cryptocurrencies.
Bitcoin giant Strategy has added another 4,980 BTC to its reserves in a purchase worth approximately $531.9 million, according to Executive Chairman Michael Saylor.
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