An analyst has explained how Bitcoin tracks gold for a while, which may provide tips on what the next step of BTC may be.
Bitcoin has been in Gold’s footsteps in the 2-day time frame
Last year, Capriole Investments founder Charles Edwards shared in an X post how Bitcoin follows the same structure as gold’s all-time highest (ATH). The following is a chart released by analysts at the time.
As can be seen from the figure, BTC is merged on its 2021 ATH in a motion similar to 1980 ATH. When the latter merger ended, it burst out suddenly and tripled.
In the new post, Edwards shares a post-update update on how Bitcoin will eventually work.
As the merger surrounding the respective ATHS has already suggested, in fact, there are some similarities between the price breakthroughs of the two assets.
But it’s all the past, where is the latest Bitcoin price action contending with gold? Here is another chart released by analysts that highlights BTC’s current points:
As Edwards highlighted in the graph, BTC’s breakthrough has remained similar to gold’s breakthrough since the merger phase around ATH, except that BTC’s volatility is about twice as high as up and down movements.
That is, the latest closing price of cryptocurrencies looks less promising than what precious metals show at a similar stage in their structure. The two may diverge from here, but in the absence of such a situation, the road to gold may glimpse at what the coins may have.
From this point of view, the traditional safe haven assets surged. Based on this, analysts pointed out: “Looking close to $110,000, this may go to bananas.” Now, it remains to be seen how Bitcoin will work in the near future.
In some other news, Sontora, an agency Defi Solutions provider, shares data on how cryptocurrencies are currently distributed among various sectors of the industry.
It appears that individual investors control about 69.4% of the potential Bitcoin supply. ETFs and other funds have about 6.1% of the funds, while businesses are about 4.4%. About 7.5% of BTC has been lost due to lack of keys and/or forgotten.
BTC price
At the time of writing, Bitcoin trading was around $104,200, down more than 4% last week.
