Where's the price of Bitcoin going? Money supply growth may give a clue

It may seem ironic that, the movement of dollars and bitcoin's (BTC-USD) price are somehow linked, but historical data seems to suggest that money that is being circulated throughout the U.S. economy serves as an indicator for what the direction for the price of Bitcoin (BTC-USD) will be based on historical data. The relationship between U.S. M2 money supply (a broad measure of cash and time deposits held by the public) and Bitcoin (BTC-USD) is more intact one would expect, however; Bitcoin (BTC-USD) has been diverging from the deceleration in money supply since it recovered to $47.5K on Friday, from $30K in end-July. Still, as M2 growth continues to fade, historical trends suggest that the largest cryptocurrency has plentiful downside price risk ahead. M2 money supply Y/Y growth rate peaked at 27.2% in mid-February, just about two months before Bitcoin (BTC-USD) peaked at $65.5K in mid-April. This compares to an M2