Bitcoin “Undershoots” Money Supply as Russell 2000 Breakout Ignites Bull Run Talk

Bitcoin traded below a global money supply based “equilibrium” line in a chart shared by GordonGekko, while another post linked a fresh Russell 2000 breakout to past BTC rallies. Together, the charts revived a familiar cycle narrative, even though neither post gave a firm target or timeline.

Bitcoin trails global money supply line as trader flags “undershooting” gap

A chart shared on X by GordonGekko shows Bitcoin trading below an estimated “equilibrium” price tied to global money supply, framing the current level as an undershoot relative to the model.

Bitcoin vs Global Money Supply Cointegration Implied Equilibrium. Source: Bloomberg,Bitwise Europe

The graphic, labeled “Bitcoin vs Global Money Supply: Cointegration Implied Equilibrium,” plots BTC’s market price against a dotted equilibrium line on a log scale from the early 2010s through 2025. In the latest segment, the green BTC line sits under the dotted series, indicating a negative gap versus the model’s implied level.

In addition, a lower panel labeled “Mispricing (%)” shows the spread between Bitcoin and the equilibrium estimate. The most recent readings dip below zero, signaling Bitcoin trading under the implied benchmark rather than above it, based on the chart.

In his post, GordonGekko called the setup “Bitcoin & Global Money Supply” and wrote, “It is obvious what happens next,” adding that “Sellers will live in deep regret for the next 12 months.” The post did not include a specific price target or timing beyond that statement. The chart cites Bloomberg and Bitwise Europe as sources.

Russell 2000 breakout post revives “Bitcoin bull run” link on X

Meanwhile, a post on X by AO, who uses the handle AO_btc_analyst, claimed that Bitcoin bull runs have followed past breakouts in the iShares Russell 2000 ETF and said the small cap benchmark has now broken out again.

iShares Russell 2000 ETF. Source: TradingView, AO_btc_analyst on X

The  chart marks prior Russell 2000 breakout points with horizontal resistance lines and circles, then visually aligns them with earlier Bitcoin uptrends highlighted in green boxes labeled 2011, 2013, 2017, and 2021. A new green box labeled 2026 appears near the top right, suggesting a projected continuation if the pattern repeats.

AO wrote, “Every time the Russell 2000 breaks out, a Bitcoin bull run follows,” then added, “The Russell has just broken out.” The post did not include a specific Bitcoin price target or a timeframe beyond the historical comparison shown on the chart.