Morning all.
Interesting chart from Bloomberg looking at the performance of $GOLD and $BTC
I’ve added the Magenta lines to show the previous period where Gold outperformed Bitcoin and how it was Gold that consolidated while Bitcoin then played catch-up.
Right now we have a similar divergence and it’s an interesting question to ponder whether a similar pattern will start to play-out.
With Gold hitting a new high it would be completely reasonable for it to stall and even have a pullback as traders take profit, and it would be fantastic if Bitcoin were to close the gap with a move towards $12k over the next month.
This move would certainly help Bitcoin in building its ‘store of value’ reputation so in that respect it really does need to move higher.
Thanks for your time.
