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 <p class="paragraph">Bitcoin (BTC) is currently aiming to reclaim the $40,000 level as it seeks a new all-time high, primarily fueled by speculation surrounding the potential approval of a spot exchange-traded fund (ETF) by United States regulators.</p>
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 <p class="paragraph">The news regarding the ETF, combined with the upcoming <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> event, is widely seen as a major catalyst that could propel Bitcoin to another record high. Nevertheless, some analysts posit that Bitcoin may receive a boost from an additional catalyst.</p>
 <p class="paragraph">Particularly, in a<em> TradingView</em> post on December 1, renowned crypto analyst <em>TradingShot </em>suggested that Bitcoin might be on the verge of a significant global money supply rally, challenging traditional halving theory. Notably, the halving theory dictates that Bitcoin experiences important price rallies following each event.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="595" src="https://cdn.thebittimes.com/images/2023/12/02/600105c8340c634f5f28bb023f106277.webp" alt class="wp-image-140925" srcset="https://cdn.thebittimes.com/images/2023/12/02/600105c8340c634f5f28bb023f106277.webp 1024w, https://cdn.thebittimes.com/images/2023/12/02/600105c8340c634f5f28bb023f106277.webp 300w, https://cdn.thebittimes.com/images/2023/12/02/600105c8340c634f5f28bb023f106277.webp 768w, https://cdn.thebittimes.com/images/2023/12/02/600105c8340c634f5f28bb023f106277.webp 1092w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">The potential Bitcoin <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a>, as per the analyst, is closely tied to two key indicators of the <a rel="noopener noreferrer nofollow" title="global" href="https://thebittimes.com/tag/global.html">global</a> <a rel="noopener noreferrer nofollow" title="money" href="https://thebittimes.com/tag/money.html">money</a> <a rel="noopener noreferrer nofollow" title="supply" href="https://thebittimes.com/tag/supply.html">supply</a>: Chinese bond yields and the Chinese Yuan. The <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> examines the correlation between Bitcoin and these metrics, comparing them against the US Dollar, US balance sheet, Chinese Central Bank balance sheet, and the European Central Bank’s assets.&nbsp;</p>
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 <p class="paragraph">According to <em>TradingShot,</em> Bitcoin historically bottoms when the Yuan trend-line does, and its parabolic rally starts when the Chinese bond yield trend-line hits a lower low. The current situation indicates an upward movement in the Chinese bond yield trend line after recently hitting a low.</p>
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  <p class="paragraph">“This is contrary to common belief and traditional Halving theory, but according to the above monetary metrics, BTC may just be starting a new parabolic rally much earlier than anticipated,” he said.&nbsp;</p>
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 <h2 class="wp-block-heading" id="bitcoin-targets-40000">Bitcoin targets $40,000</h2>
 <p class="paragraph">Indeed, Bitcoin has surged to its highest point since May 2022. The recent upswing in value has heightened the probability of the cryptocurrency reaching $40,000, making this year particularly exceptional for the pioneer digital asset.</p>
 <p class="paragraph">Significantly, Bitcoin is undergoing an impressive 130% rebound from the challenges faced by cryptocurrencies in 2022. These gains stem from optimism surrounding potential interest-rate cuts by the Federal Reserve in the upcoming year, coupled with the anticipation of the US approving its first-ever spot Bitcoin ETF.</p>
 <p class="paragraph">At the same time, after Bitcoin surpassed the significant psychological threshold of $38,000, most holders found themselves in a profitable position. According to a Finbold report, as of December 1, 85% of Bitcoin addresses were in profit, contrasting with 11% in loss and 4% at break-even, marking the asset’s highest profitability in over two years.&nbsp;</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin is trading at $38,755, showcasing daily gains exceeding 1%. Looking at the weekly chart, Bitcoin has experienced an almost 3% increase.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/12/02/1dbe001e0bb5bfe5c4eaf690b32a73e7.webp" alt class="wp-image-140926" srcset="https://cdn.thebittimes.com/images/2023/12/02/1dbe001e0bb5bfe5c4eaf690b32a73e7.webp 1024w, https://cdn.thebittimes.com/images/2023/12/02/1dbe001e0bb5bfe5c4eaf690b32a73e7.webp 300w, https://cdn.thebittimes.com/images/2023/12/02/1dbe001e0bb5bfe5c4eaf690b32a73e7.webp 768w, https://cdn.thebittimes.com/images/2023/12/02/1dbe001e0bb5bfe5c4eaf690b32a73e7.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: Finbold</em>
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 </figure>
 <p class="paragraph">Regarding technical analysis, the leading cryptocurrency is predominantly influenced by bullish sentiments. A one-day gauge summary leans towards a ‘buy’ signal at 14, while moving averages strongly suggest a ‘strong buy’ at 14. Meanwhile, oscillators favor a ‘sell’ signal at 2.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="219" src="https://cdn.thebittimes.com/images/2023/12/02/27b8f20bcd2a03c18d5f0d7d34deed7c.webp" alt class="wp-image-140927" srcset="https://cdn.thebittimes.com/images/2023/12/02/27b8f20bcd2a03c18d5f0d7d34deed7c.webp 1024w, https://cdn.thebittimes.com/images/2023/12/02/27b8f20bcd2a03c18d5f0d7d34deed7c.webp 300w, https://cdn.thebittimes.com/images/2023/12/02/27b8f20bcd2a03c18d5f0d7d34deed7c.webp 768w, https://cdn.thebittimes.com/images/2023/12/02/27b8f20bcd2a03c18d5f0d7d34deed7c.webp 1536w, https://cdn.thebittimes.com/images/2023/12/02/27b8f20bcd2a03c18d5f0d7d34deed7c.webp 1607w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Given the market conditions and price movement, Bitcoin appears to be on its way to $40,000, a crucial level that could pave the way for a new record high.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-facing-imminent-global-money-supply-rally-contrary-to-halving-theory-tbt72369.html">https://thebittimes.com/bitcoin-facing-imminent-global-money-supply-rally-contrary-to-halving-theory-tbt72369.html</a></p>

Bitcoin facing imminent global money supply rally, contrary to halving theory

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