Gold prices surged on April 17 to an all-time record of $3357 per ounce, sparking speculation about whether Bitcoin is a viable currency. (BTC) It would be a good idea to follow.
Bitcoin soared from $19,120 to $21,075 in 2017 after the gold price had risen by 30% a few month earlier. In 2020, during the COVID-19 epidemic, gold also hit a record high, nearing $2,075; this was before Bitcoin’s rise to $69,000.
Bitcoin is known to have surpassed all previous records whenever gold prices rise, indicating a dynamic relation between these two assets in times of uncertainty or when investors seek an alternative currency.
Joe Consorti is the head of growth for Theya. pointed BTC is directional biased in the same way as gold, but with 100-150 day lags. Consorti said,
“When the printer roars to life, gold sniffs it out first, then Bitcoin follows harder.”
According to Consorti, Bitcoin could reach new highs in 2025 between the third and fourth quarters. Anonymous Bitcoin proponent apsk32 expected A bullish or similar period from July to November.
Taking a look at past Bitcoin and BTC price cycles “power curve time contours,” Analysts predicted Bitcoin’s price would reach a new high in 2025. as high as $400,000. Analyst normalized Bitcoin’s market capital to that of gold, plotted BTC in logarithmic form, and measured each Bitcoin as gold ounces, instead of dollars.
Related: Bitcoin gold copycat move may top $150K as BTC stays ‘impressive’
Bitcoin trading is the same as “Mag 8” Uncertainty about tariffs
Galaxy Digital CEO Mike Novogratz recently spoke with CNBC. said that The Bitcoin price and the gold rate are “key indicators of financial stewardship” Amid global macroeconomic instability. The importance of highlighting it “Minsky Moment” Novogratz stated that Bitcoin is thriving in the current market turbulence. This is due to a weaker US dollar as well as capital moving into safer havens such gold.
Novogratz said that, despite the 10% drop in equity prices year to date, markets underestimate global economic changes, and tariffs as well as Trump’s policies add uncertainty. The rising dollar value and rising interest rate signals that the US has become a new emerging market. Bitcoin and gold are also reflecting the growing concern over the unsustainable debt and $35 trillion deficit.
Related: Bitcoin online chatter flips bullish as price chops at $85K: Santiment
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Source: cointelegraph.com
