This chart highlights a few crucial data points that I see as key for this cycle.

This chart highlights a few crucial data points that I see as key for this cycle.

- Back in 2016-2017, the M2 supply kept expanding steadily, which allowed that cycle to run until the end of 2017.

- In 2021, we saw the M2 supply skyrocket, and even though it took some time for #Bitcoin to gain momentum, once it did, it went vertical.

- By 2022, despite the continued M2 expansion into early Q1, #Bitcoin didn't get a second higher top—mainly because of FTX and the rate hikes already kicking in.

My overall thesis: if the M2 supply continues expanding into mid-2026, the extra liquidity could very well extend the length of this cycle.