Jamie Coutts, chief analyst of digital assets at Real Vision, says one important metric indicates that the bull market cycle in crypto is not over.
Coutts informs his 34.500 social media followers that based upon the historic relationship between cryptocurrencies (BTC) and global money supply metrics (M2 metric), more rallies will be coming.
We know that global liquidity is a major factor in asset prices. “We also know that network activity (aka Adoption) drives prices. What happens when we compare global liquidity to blockchain addresses that are active? Both tell the same tale: Crypto is both a liquidity-focused asset and a growth-oriented structural asset. Zoom out. There is still a long way to go .”
Coutts has shared a graph that suggests active crypto address follow the trend M2.
He says global liquidity has also been on the rise and could soon surpass last year’s high.
The weaker dollar is driving a bullish global liquidity momentum. Moving closer to central banks interventions. Look for a breakout above the mid-2024 high in order to confirm a new regime .”
He predicts, finally, that this year more governments will purchase Bitcoin (BTC).
The world’s biggest sovereign wealth fund has been accumulating satoshis. This is a huge news. However, it’s important to remember that many developing countries have been mining Bitcoins for over a month and that this trend will continue.
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Sources of Images include Pixabay Creative Commons & Midjourney
This post According to Real Vision analyst, Global Liquidity suggests that Crypto Rally still has a ways to go. appeared first on the ICD
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