Global M2 and Bitcoin Fib Bounce Targets Point to $134K Next Global M2 has been leading Bitcoin which has been diverging, mostly due to an economic slowdown and waiting for interest rates to start dropping as a catalyst.
Since we're pricing in and high probability of 3 rate cuts starting in September, I expect Bitcoin to start pushing higher and several studies point toward $134k - $135k from here.
These Fibs studies aren't exactly correct, b/c I drew the high / low using the wiicks vs the real bocy, but still interesting.
The first Fib swing high/low correction forecast the pump to the 1.618 target.
So using the most recent high/low swing, points toward around $134k on the 1.618 which is coincidentally the 2.618 extension from the first Fibonacci.
My bull-flag targets on Bitcoin also point to a measured move of $134k-$135k as the next likely profit target, before another pullback and ultimately on the way to $150k this year I think.
Let me know your thoughts below.
- Brett
Long
