Every ten years M2 roughly doubles. Current rates of money supply creation do not appear to be unsustainable. Runaway money supply inflation can only occur if the rate of money supply creation accelerates long term, i.e. M2 forms a parabola on its log chart.
Are we seeing a divergence? I doubt it. I think the 10 year bond yield is acting as a leading predictive indicator for BTC. Perhaps we see further tests of supply around this level like in June/July however I expect a reversal sooner rather than later.
The 1.618 fib of the last rally is also the 0.618 retracement fib (not shown) for the current retracement.
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