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Bitcoin Should Push Higher, Gold's Next Move Is Less Clear

By Tim KnightCryptocurrencyOct 26, 2020 12:37AM ET
www.investing.com/analysis/gold--bitcoin-200542310
Bitcoin Should Push Higher, Gold's Next Move Is Less Clear
By Tim Knight   |  Oct 26, 2020 12:37AM ET
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I hate to say it, but I really like how Bitcoin has been shaping up. It’s a huge bullish base, and should it push well off $13,000 – – while it hardly makes rational sense – – it will be off to the races, in my opinion.

Bitcoin Chart
Bitcoin Chart

I have a much stronger fondness for good old gold, and I’ve been wondering if the sleepy precious metals were going to “catch up” to crypto strength lately. It’s really not clear. They sorta-kinda tend to move together, but looking at them plotted on top of one another, it’s hard to say what’s next.

BTC Chart
BTC Chart

I used our new Correlation Study to try to divine something, but no dice. As you can see, correlation warbles from positive to negative with little rhyme or reason.

Bitcoin Chart
Bitcoin Chart

I can only return, once again, to the long-term chart of gold versus the M2. This just seems like a “lock” to me for a very positive future. As good as $BTC looks, I still would prefer something I can hold in my hot little hands.

GC Chart
GC Chart

Bitcoin Should Push Higher, Gold's Next Move Is Less Clear
 

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Bitcoin Should Push Higher, Gold's Next Move Is Less Clear

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Comments (2)
Bubba Born
Bubba Born Oct 26, 2020 8:07AM ET
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Read the news! The Comptroller of the Currency in the US has passed a major change in the laws allowing banks to deal directly in bitcoin! This change will make the dot.com melt-up look like the Great Recession. Prices will spiral like a Space X rocket.. A very bad place to be caught on the short side..
Evander Renner
Evander Renner Oct 26, 2020 4:33AM ET
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this article does not give much info for decision making
 
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