Recently, Bitcoin's performance has been unsatisfactory, failing to keep pace with the rising trend of the global Money Supply (M2). Although the global M2 has not yet returned to its historical peak, it has shown a steady upward trend since hitting the bottom in mid-October of last year.

If the global M2 can maintain this rise and break through historical highs, it will undoubtedly inject a strong boost into the Bitcoin market. This potential positive factor is particularly noteworthy, as a cyclical peak may emerge by the end of this year. However, we cannot ignore another possibility: if the global M2 continues to decline and fails to create new highs, then the current Bitcoin cycle is likely approaching its end.

It is worth noting that Bitcoin, as a decentralized digital asset, is influenced by multiple factors in its price trends. Changes in the global Money Supply are just one important indicator; investors also need to pay attention to the regulatory environment, technological developments, market sentiment, and other aspects.

In this complex market environment, investors should remain rational and closely monitor the interaction between global economic indicators and the cryptocurrency market in order to make informed investment decisions.