M2 growing isn't bad per se, but the growth should be approximately in line with economic (and population) growth. This means: if M2 grows more than the economy, then one can say there may be something wrong.
Here's a chart based on the concept "M2 per USD of GDP" during Bitcoin's lifetime (since 2009) for the US. For most of the time the number indeed grows and thus affirms the "money printing" theory.
But the correlations with the Bitcoin price are much less clear here:
SourceThere is a correlation in 2012, 2013, 2015, 2016,
2017, 2018, 2019, 2020 and 2022 (either M2 growth when the BTC price increased, or M2 and price decline).
Instead we have no correlation or even a negative correlation for 2010, 2014, 2017,
2019, 2021, 2023 and 2025. A very close 8:6, i.e. there seems to be a correlation but it is very weak, and in the last 2 years it reverted.
2011 can be disputed, while the price grew until mid-year, the last 6 months were bearish, and M2 vs. GDP continued to grow. And in 2009 the market was still to immature.
Another thing I don't really like about that chart is that it is using a log scale for Bitcoin, but a linear scale for M2. This means it compares apples and oranges.
Also the OP graph probably includes the Chinese Renmimbi and China saw an enormous economic growth in the 2010s, so it's not a surprise that its M2 supply also grew a lot.