A closely followed crypto analyst says Bitcoin (BTC) could be on the cusp of its next explosive rally, as two key macroeconomic indicators with a track record of accurately predicting bull runs flash green.
In a newly released macro report, pseudonymous analyst TechDev highlights the copper-to-gold ratio and M2 money’s supply year-over-year change as critical signals pointing to a brewing Bitcoin surge.
The copper/gold ratio, often viewed as a proxy for economic risk appetite, has begun to trend upward – a move TechDev notes has historically preceded BTC bull markets by several months.
“As of mid-2025, the ratio has stopped declining and is stabilizing, even showing signs of turning higher. This suggests that investors are beginning to anticipate recovery. If copper begins to outperform gold in the coming quarters, it would signal a bottoming of the business cycle – precisely the kind of macro regime change that supports a bitcoin bull run.”
And the analyst says global M2 money supply – a broad measure of liquidity in the world financial system – has flipped from negative to positive annual growth, also a signal that he says has preceded each of Bitcoin’s parabolic phases by 6–10 months, suggesting a strong probability that another upward cycle is imminent.
“When global M2 is rising, Bitcoin typically follows suit. This dynamic is visible across multiple cycles. In the aftermath of the 2020 COVID crisis, for instance, global M2 surged at the fastest rate in modern history. Bitcoin responded by rallying from under $10,000 to over $60,000 in just over a year.
Conversely, when central banks tighten policy as they did in 2022 and 2023 to combat inflation, global M2 flattens or contracts. During this time, Bitcoin struggled. Its price declined sharply in tandem with falling liquidity, reinforcing that it is not sentiment but capital flow that drives crypto price action. As liquidity dried up, so did Bitcoin’s momentum.”
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