Cryptocurrency
Gold Fractal Points to Massive Bitcoin Breakout to Over $11,000
As reported on NewsBTC, “Gold has been used for centuries as an investment, a currency, a store of value, and a medium of exchange. Bitcoin is its digital counterpart, sharing many of the same attributes that give the precious metal its unique value. “The two assets have behaved similarly in the face of growing economic turmoil, fueling the […]
As reported on NewsBTC, “Gold has been used for centuries as an investment, a currency, a store of value, and a medium of exchange. Bitcoin is its digital counterpart, sharing many of the same attributes that give the precious metal its unique value.
“The two assets have behaved similarly in the face of growing economic turmoil, fueling the ‘Bitcoin as a safe haven narrative.’ That similar performance is poised to continue if Bitcoin continues to follow an eerily similar fractal from gold’s price chart.
“Gold has been surging since the start of 2019, just as fears of a global economic disaster began to reach a boiling point…
“…And this week, gold surged another over 7% on growing concerns over the coronavirus pandemic spiraling out of control and reaching over 2,450 critical cases.
“But as investors derisk, oddly, the high-risk asset class of cryptocurrencies like Bitcoin have been surging throughout the year.
“Investing in the asset class of cryptocurrencies almost always comes with a disclaimer or warning to never invest more than you can comfortably afford to lose, simply due to how risky and volatile the speculative assets are.
“Yet Bitcoin is up over 50% year to date, and Ethereum, the second in line altcoin behind Bitcoin, has more than doubled in 2020 so far.
“And if Bitcoin continues to follow a fractal from gold price charts, the cryptocurrency is likely to push higher just as gold has over the last two weeks…”