Bitcoin Set to Mirror Gold's Bull Run in 3 Months, Analyst Predicts!
Analysis
August 13, 2024 8:21 PM
In Brief:
Analyst Charles Edwards suggests Bitcoin may take three months to follow gold's bullish trend, based on past patterns.
Despite recent market stagnation, Bitcoin remains a top-performing macro asset in 2024, closely followed by gold.
Bitcoin to Follow Gold's Bull Run, Analyst Predicts
Bitcoin may need a few months to rebound and follow gold's bullish trend, according to Charles Edwards, founder of Capriole Investments.
Edwards notes that Bitcoin price action often lags behind gold by approximately three months, suggesting promising future growth for BTC.
Current Market Dynamics and Future Outlook
While Bitcoin has remained rangebound, gold and U.S. stock indexes have recently hit records.
Despite this, Bitcoin continues to be the best-performing macro asset of 2024, with gold close behind.
Analysts suggest that Bitcoin could see favorable performance into 2025, drawing parallels with gold's price behavior following its ETF launch in 2004.
Disclaimer: Backdoor provides informational content only, it is not offered or intended to be used as legal, tax, investment, financial, or other advice. Investments in digital assets involve risk, and past performance does not guarantee future results. We recommend conducting your own research before making any investment decisions.
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