$BTC bullish, I have changed my view from the previous bear market, believing that Bitcoin will enter a bull market. The global M2 money supply continues to rise, and Bitcoin is expected to break its previous high this year, waiting for opportunities.

From the perspective of total cryptocurrency market capitalization/global liquidity, the market is actually moving in a very 'orderly' manner. The 350-day moving average on April 8th has bottomed out. Although from the perspective of Bitcoin's price, it has not yet reached last year's previous high of 73700, this indicator not only broke below last year's previous high but also reached the descending trend line from March to October of last year, then strongly rebounding and breaking through the descending trend line since January 20th of this year (this breakthrough is historically similar to the breakthrough in October last year), returning to the upward channel, breaking through the previous high position from last year. The low point of the recent pullback at 91700 just confirmed this indicator's breakthrough above last year's previous high. What's next? Scenario 1: Continue to rise and break through the bull market support zone (catalyst: Global liquidity breaks above previous high and continues to rise); Scenario 2: Unable to break through the bull market support zone, retraces to the Fibonacci 0.618 position at the lower edge of the upward channel (catalyst: Bank of Japan raises interest rates; M2 encounters selling pressure at previous high).