Bitcoin price has formed what I would consider a possible short term local topping pattern: three daily candles with tall upper wicks. (see white circle in 1st chart)
This doesn't mean BTC needs to correct for long. It could just be a matter of days. Or could be a bit longer.
Combine this with the pattern fitting of the Global M2 vs BTC chart, and we see a similar forecast. The "MINI RALLY THAT FAILS?" (see circled area in 2nd chart) is still playing out and hasn't been violated. This further backs up the idea of a short term correction.
Lastly, the simple fact that BTC has recently climbed into the resistance zone $89k-$92k (see white dotted line in 1st image), is another reason why BTC could cool off for a little bit before breaking through.
My general, long-term outlooks is still bullish (in the months to come), especially with that massive injection of M2 liquidity coming (yellow line on right side of the 2nd image).
So, we have, in my estimation: a short-term correction (days or several weeks at most), and then a couple months of blast-off after that.
Lastly, maybe I will be wrong and we just go up from here. That would validate the 70-day offset version of the M2 chart. We'd all welcome it.
