A widely followed analyst and merchant provides that Bitcoin (BTC) will begin to surpass gold.
In a new video updateThe host of Investanswers said to its 565,000 YouTube subscribers that the best crypto asset by market capitalization should exceed gold in the coming months, because it says that precious metal seems too extensive after its parabolic rally at $ 3,500.
“If you look at the regular correlation between Bitcoin and Nasdaq, it is extremely tight because bitcoin is considered to be a risk asset, [while] Gold is considered a risk asset. But here, if you look at the Bitcoin / gold correlation, it fluctuates very strongly. Half of the time, not correlated; Half of time, it is correlated.
There is therefore no direct correlation signal and Bitcoin has already had an excellent after the post, and in fact, we had reached a new summit of all time before the reduction by half, which never occurred with Bitcoin. But its correlation with gold remains weak.
Now, if I look at this graphic and do a cave man, what should I interpret? I expect the correlation to increase with gold because the wider dynamics of the market will also change. I also believe that gold is exaggerated, so I see a nasty reversion and I see bitcoin increasing against gold in the next six months. »»
Investanswers says that a summary interpretation of its analysis would be that the flagship digital asset is lagging behind and will begin to exceed the precious metal in the next six months.
BTC is traded at $ 93,870 at the time of writing, a fractional decrease in the last 24 hours while gold is estimated At $ 3,283 per ounce, a marginal decrease of the day.
https://www.youtube.com/watch?v=YNKIJGZAM9K
Follow us X,, Facebook And Telegram
Do not miss a beat-Subscribe to obtain alerts by e-mail delivered directly in your reception box
Check price action
Surf the daily Hodl mixture
& nbsp
Warning: Opinions expressed at Daily Hodl are not investment advice. Investors should make their reasonable diligence before making high-risk investments in bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and that all the losses you may undergo are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and the Daily Hodl is an investment advisor. Please note that the Daily Hodl is participating in affiliation marketing.
Image generated: Midjourney
