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From the comparison of global liquidity levels and Bitcoin prices, the current Bitcoin price is undervalued by the market. This mismatch is likely due to the large-scale dumping actions of long-term holders during this bull run.
Short-term supply and demand imbalances can lead to temporary deviations in coin prices from the M2 curve, but such deviations will eventually be corrected. In the long term, the price of Bitcoin is definitely positively correlated with the global liquidity levels.