As a seasoned researcher with over two decades of market analysis under my belt, I must say that this recent Bitcoin (BTC) performance has been nothing short of fascinating. Having closely followed the cryptocurrency since its inception, it’s intriguing to witness such unprecedented growth and resilience in the face of adversity.
For a span of two days, specifically on Monday and Tuesday, Bitcoin experienced a minor setback amidst an impressive, month-long surge in its value as a cryptocurrency.
In the last month, Bitcoin surged from approximately $68,000 at the beginning of November to a new peak above $100,000. This rapid increase might just be a brief pause before Bitcoin resumes its upward trajectory on the price chart.
In the year 2024, Bitcoin significantly surpassed both stocks and bonds, and it also outran the price increases in the gold market. On a recent Tuesday, renowned technical market analyst and futures trader Peter Brandt pointed out that a significant Bitcoin indicator recently displayed a bullish sign of promise.
Legendary Chart Analyst Notes Bullish BTC Metric
, The Bitcoin/Gold $BT/$GC_F ratio has stumbled at a crucial level, with heavy resistance at 36-37 to 1 range
— Peter Brandt (@PeterLBrandt) December 11, 2024
As Bitcoin’s price approaches an important turning point near a significant trend line when compared to Gold using the Bitcoin-to-Gold ratio, breaking through this resistance would provide stronger evidence that cryptocurrency optimists are correct in their belief of a sustained bull market for Bitcoin lasting until 2025.
After an extraordinary week of Bitcoin ETF investments, the financial community on Wall Street is more enthusiastic than ever about Bitcoin. Furthermore, Bitcoin’s price rose significantly on Wednesday, registering a 24-hour increase of over 5.5% as per CoinMarketCap statistics.
It seems likely that the market will surpass a four-year barrier in the Bitcoin-to-Gold ratio, suggesting a possible significant upward shift in trends, potentially even more bullish than the previous 12 months.
BTC’s Price Continues to Beat Schiff’s Favorite Asset
Gold has risen by an additional $32 today and is currently trading slightly below $2,700 per ounce. More notably, it has reached a new all-time high when priced in Australian dollars. Given that many gold mining operations are based in Australia, where labor costs are decreasing compared to the price of gold, profits for these companies could see a substantial increase.
— Peter Schiff (@PeterSchiff) December 10, 2024
Markets might expect BTC’s price increase in dollars because the Fed is always printing more. But the surge against gold is truly impressive, which is why this chart from a recent post to the Bitcoin subreddit is not exactly correct.
The amount of gold on Earth is limited and there’s no known method to produce it through nuclear fusion without spending much more money than the current market value of gold. This suggests that Bitcoin’s increase in value compared to the worth of gold isn’t solely due to inflation of the US dollar, but rather indicates other factors driving its growth as well.
Euro Pacific Capital’s founder and head strategist, Peter Schiff, is known for his outspoken stance against Bitcoin, preferring gold as a superior investment choice instead.
In simpler terms, Ray Dalio, the founder and head investment officer at Bridgewater, has advised ordinary investors to sell their bonds and instead invest in Bitcoin and gold.
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2024-12-12 09:37