Bitcoin is the Digital Gold as the leader of cryptoS
The correlation between Bitcoin and Gold is at 50% and after banking failure in the US, BTC is once again considered Safe Haven in turbulent times. The point of decentralization is to trust everyone instead of risking it on centralization with individuals or organizations; hence the birth of Bitcoin which blossoms innovations through altcoins: DeFi, NFTs or Games…
Bitcoin’s correlation to Gold is the highest that its been in years, surpassing its correlation to the S&P
(h/t @KaikoData) pic.twitter.com/5TDOtlm5zq
— Will Clemente (@WClementeIII) April 3, 2023
“It’s a significant shift because over the course of 2022 Bitcoin and gold were mostly uncorrelated,” she said. “So, it was not moving as a safe haven [asset] at all.”Kaiko analyst Dessislava Aubert told Decrypt
“After benefiting heavily from the Russia-Ukraine conflict in the first quarter of the year, gold has lost all its gains and is currently down 10% YTD. Bitcoin has also declined double-digits this year dragged down by global monetary policy tightening.”Kaiko Back in Oct
In order for Bitcoin to hit the Supercycle, the price has to be comfortably above $30k with another rally to $45k-$50k then the resistance becomes support.
However this could be the very last time the entire crypto industry relies on $BTC to go through 4-year cycle in nearly 2 decades as Ethereum can and will be “flipenning” Bitcoin in a foreseeable future. It is predicted Bitcoin will be 10x (~$300k) and Ethereum’s at 20x (~$20k) around the halving in 2024/25 based on a few reliable models along with the historical prices.
With the unprecedented debts in the United States who knows if the economy will collapse with 40 trillions or 50 trillions and we are talking about 10 trillions in interests alone in the next 10 years while the BRICS Nations dumped USD. Those numbers are very worrisome for the Americans and for those countries trading with the USD as the world currency. Nevertheless this will only boost the chance of cryptoS to go mainstream sooner rather than later.
The new model predicts the price of Bitcoin to be within $200k-$300k in the next Bull run so we will see who will get it right this time!
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