By Nermeen Nabil Khear 
According to a prominent market player, Bitcoin’s next phase is underway and expected to be bullish. The former Goldman Sachs executive Raoul Paul spotted notable market trends, hinting that the current bearish phase is closing and that the next phase could see Bitcoin hit new highs.
Taking to X, the analyst shared a global M2 chart, depicting the total money supply, in which the total supply appears to have increased. The uptrend did not come long after a bottom was established in the later part of 2024.
“The waiting game is almost over…the 10-week lead is my preferred,” he asserted, suggesting that the downward correction is coming to a close, after which the highly anticipated Bitcoin rally could kick off.
It bears mentioning that, as the analyst clarified, although Bitcoin is in the bottoming zone, it is not yet in the bottom.
Meanwhile, Julien Bittel, the head of market research at Global Macro Investors (GMI), stated that Bitcoin will surpass the global M2 metric within a 12-week timeframe.
Bittel believes that the new week will test higher levels right after forming a local bottom. Earlier in the month, the analyst observed that a stronger dollar and higher Q4 rates in 2024 contributed to tightening liquidity this year.
“That [tightened liquidity] is almost done, and financial conditions are easing fast, and M2 is headed back to new highs. This is just a regular correction.” He wrote.
At report time, 24-hour losses were slightly above 1%, and Bitcoin traded at $83,996. Altcoins were also collectively recording losses, as the global market cap, down by 0.73%, was valued at $2.71 trillion at press time.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.