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Research Company: Bitcoin is stagnant, gold performance may be better

Research Company: Bitcoin is stagnant, gold performance may be better

2024/03/29 04:04

Over the past month, both gold and Bitcoin have been rising in sync and hitting new highs. However, since 2021, Bitcoin has also been reflecting its unique trend, soaring twice to historical highs before experiencing a significant correction. Rob Kingsberg, managing director of research firm Wolfe, said that while we certainly won't see another 50% major pullback in Bitcoin, we wouldn't be shocked if it continues to stagnate above $70k. However, gold may perform better. Kingsberg stated that the ratio of gold to bitcoin is close to support levels but weekly lines are oversold. If our view on Bitcoin is correct and it continues to consolidate between $60k-$73k range then this could provide a better opportunity for Gold's performance.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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