PANews reported on September 17th that according to an analysis by Markus Thielen, an independent analyst at Matrixport, money supply indicators have been closely correlated with Bitcoin (BTC) price movements since November 2023, reflecting the depreciation of the US dollar and market expectations for expanding global liquidity. While this correlation is more of a proxy for market sentiment than a reliable driver, it still suggests further upside for Bitcoin prices, though historical data suggests this trend is cyclical.

With the Federal Reserve expected to cut interest rates, if Chairman Powell sends a dovish signal and hints at further rate cuts, the US dollar may weaken, which will enhance market liquidity and support the rise in Bitcoin prices.