Here’s another way of looking at BTC charts
The “most confluent” long-term chart was shared by an analyst at Adaptive Capital, Murad Mahmudovwho recently bought Bitcoin at around $17,800 when the market was in panic mode.
New way of looking at BTC
The chart provided by Mahmudov is somewhat unique as it compares Bitcoin to USD divided by the sum of the U.S. money supply and the dollarized European money supply. The chart provides more insight into Bitcoin’s movement as it is being compared to money supply aggregates.
The newly formed chart suggests that Bitcoin is hitting a major low for the fourth time. Previously, the BTC money supply chart worked flawlessly, predicting almost all bounces and highs from 2014 onwards.
The new price model predicted a global bottom in 2013, 2015 and 2020 and global tops in 2014, 2018 and 2021. In addition to global tops and bottoms, the chart shows pre-global version reversal points, which suggests that Bitcoin has all the chances to rise above the most recent $69,000 ATH.
Pricing models become less relevant
Unfortunately, the price patterns that the crypto market used back in the days of the industry’s development are not as relevant as they used to be, especially after seeing the stock-flow pattern fail to catch up with the most recent moves in Bitcoin.
Previously, the creator of the second biggest cryptocurrency on the market, Vitalik Buterin, expressed his concerns over following various price models on the cryptocurrency market as they have lost their relevance.
The newly presented price pattern for Bitcoin has also come under a lot of criticism and has even been called a “cope” as the overall market sentiment remains negative after the cryptocurrency lost over 70% of its value.
