A popular crypto analyst, InvestAnswers, is predicting that Bitcoin (BTC) will soon outperform gold. He shared this forecast with his 565,000 YouTube subscribers.
Analyst’s Reasoning
The analyst believes gold’s recent price surge to $3,500 is unsustainable. He points out the fluctuating correlation between Bitcoin and gold, unlike the strong correlation between Bitcoin and the Nasdaq. He argues that this lack of correlation, combined with Bitcoin’s post-halving performance (reaching a new all-time high before the halving, a first for Bitcoin), suggests Bitcoin is poised for growth relative to gold. He sees gold as overbought and predicts a price correction.
The Timeline
InvestAnswers expects Bitcoin to start outperforming gold within the next six months.
Current Market Conditions
At the time of writing, Bitcoin is trading around $93,870, while gold is valued at approximately $3,283 per ounce. Both have seen slight price dips in the last 24 hours.
Disclaimer: This is not financial advice. Always conduct your own thorough research before investing in any cryptocurrency or asset.
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