Bitcoin and gold: the road to new ATHs
They and Bitcoin are often united by the fact that they represent a form of “protection” from inflation. The deflationary nature of BTC, together with an increasingly long-term investor approach to the asset, leads one to think that the two assets could behave similarly amidst the multiple macroeconomic dynamics, but this happens only up to a certain point.
If Bitcoin has been traveling in a wide range for some time between $50k and $70kin fact, gold records a growth of 37% in one yearin the wake of different raw materials. However, some analysts have reported a interesting patternwhich could recur in the next few months based on what happened in the past, around 2020.
At the time, gold’s rally towards its August 2020 ATH (above $2k per ounce, around €54 per gram) had anticipated the BTC bull runwhich started towards new ATHs precisely in conjunction with a first correction of the precious material.
ETFs dominate the markets
If history teaches anything, it is still worth appealing to market cyclicalityan upcoming correction in the price of gold could finally pave the way for BTC, still struggling in its attempts to surpass $70k.
Also note how both assets race depends directly on the ETFs. Precisely those based on gold have recorded in the last week the inflow record since October 2022with demand coming largely from US retail investors.
At the same time, BTC ETFs also do not stop reporting new entries, with It will go Of Blackrock increasingly at the forefront (with a total net inflow today of $23.5 billion).
Probably the most influential brake on the movement of the BTC price remains the US elections in November, but it is still useful to focus on the behavior of gold.
Follow us on our channels YouTube e Telegram: you will find many other updates, tutorials and insights to always be on the ball!
