BTC vs M1 Money Supply (Orange)

٢١ أغسطس ٢٠٢٣

Chart shows BTC (chart - LOG) divided by the FED M1 Money Supply (Orange linear). Will a recession result in increases in M1 and BTC falling that will cause us to revisit the DEMAND zone in Green, similar to April 2020?
* Grey Bars show US Recessions.