Bitcoin’s performance is similar to gold with clear correlation points on the charts
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Answer Bitcoin’s performance is similar to gold with clear correlation points on the charts
The price of Bitcoin (BTC) jumped 8% on Thursday to today bring Bitcoin above $13,000, its highest point since July last year.
The rise comes a few days after PayPal revealed that it will soon support buying, selling and holding of Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
With Bitcoin reaching its peak today, it means that the world’s most popular cryptocurrency has overtaken gold and silver to become the best performer of the year.
Today, Bitcoin prices are up 55% since October 21, 2019, while silver and gold are up 40% and 27%, respectively, over the same period.
But this does not mean that the performance of Bitcoin is separate from the performance of gold, but rather both showed similar behavior, which was confirmed by the analyst Ahmed By subtracting a graph showing how Bitcoin performs with gold.
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In the above chart, there is a clear similarity between the performance of Bitcoin and gold over the past months.
In the chart below for gold provided by the technical analyst Ahmed It appears that gold has returned to its previous peak recorded at $ 1902, which it had previously recorded in 2011.
While the bitcoin is still about $ 7000 away from its previous peak recorded at the end of 2017, when the price of bitcoin reached the level of $ 20,000.
In the coming hours, the weekly chart (update) will be released from analyst Ahmed after the close.
To follow the analyst Ahmed:
- on Twitter from Link.
- And on telegram from Link.
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