"Gold Surpasses $3400... Bitcoin Expected to Rise Too"

Son Min

Summary

Gold price broke the $3400 resistance, and Bitcoin is also expected to be bullish in the long term.
Matrixport said that even amid uncertainty over interest rate cut policies, the high correlation between gold and Bitcoin will be positive for price increases.
JPMorgan said Bitcoin is undervalued compared to gold, and that its market capitalization needs to rise by about 13%.

Gold price gains are leading to analysis that Bitcoin (BTC) is also expected to rise.

On the 3rd (local time), Matrixport said in a report, "Gold has broken the $3400 resistance for the first time in 4 months," and "Bitcoin, the 'digital gold', is also expected to be bullish in the long term," it said.

It specifically noted that, despite uncertainty over interest rate cut policies, gold is rising toward $4000. The report added, "Some investors appear to be buying gold and Bitcoin at the same time," and "This high correlation between the two assets is likely to be positive for price increases," it elaborated.

Earlier, JPMorgan also released a similar analysis. JPMorgan said in a report, "Bitcoin is excessively undervalued compared to gold," and "Bitcoin's market capitalization would need to rise by about 13% from its current level," it projected.

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