That chart is already out of date.
M0 money supply is $3.8T now and rising faster every day. The fact that M0 is doubling every few years inevitably means that BTC will go up in dollar terms. Remember M0 was ~$0.7T in 2008...
I used to think that was a main indicator as well until I learned about stepping back and seeing that the increase in M0 is barely filling in the vacuum of credit destruction.
That is why the fed can print crazy money and we still do not see as much inflation as one might think
velocity is also a main factor for prices but until you see interest rates rise (which is designed to take purchasing activity away from cash holders) the lack of credit is still being infused with printing