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Coutts' MSI model predicted 19x for BTC and 6x for 2020 during the 17-year cycle, and after 1 year, a bullish signal appeared again, indicating a 2-3x increase, which is what many people previously referred to as BTC reaching 120,000.
Achieving this goal depends on DXY and global liquidity. DXY needs to be well below 101. At the same time, over 1.4 billion USD worth of BTC options will expire on August 16th. Unless BTC can recover to above 60,000, there is still some resistance to reaching this price now.
However, the continuous rise of global M2 may help BTC break through 60,000. In the past month, the Bank of Japan has added $400 million, and the People's Bank of China has added $97 billion in credit to the global money base, according to Coutts data, which has expanded global M2 Money Supply by $1.2 trillion.
#Crypto Bitcoin #BTC