Editor's PiCK
"Bitcoin to head toward an all-time high again if the gold rally ends"
Suehyeon Lee
Summary
- Bitcoin (BTC) has remained in a trading range below $120,000 in recent weeks.
- Charlie Morris, ByteTree's Chief Investment Officer, analyzed that when gold's rally stops, Bitcoin can move again toward an all-time high.
- He said the 90-day correlation between the two assets is virtually zero.
Bitcoin (BTC) has remained in a range below $120,000 for weeks, and analysts say that gold's (Gold) rally must stop for it to move back toward an all-time high.
On the 2nd (local time), according to CoinDesk, Charlie Morris, ByteTree's Chief Investment Officer (CIO), said in a recent report, "Gold performs well in low interest rate and weak economic conditions, while Bitcoin prefers a strong economy and firm interest rates," and analyzed that "the 90-day correlation between the two assets averages 0.1 — virtually zero."
Morris added, "If gold's rally stops or turns sideways, Bitcoin could break out of the range and move back toward an all-time high."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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