Bitcoin at 300,000 USD: Gold price is indicator for BTC rally

  • Bitcoin closed the month of September with a price increase of 5.16 percent – an unusually positive result, given that September is actually the weakest month for Bitcoin historically.
  • October and November are quite different: They predict average returns of 20.23 percent and 46.02 percent, respectively. Especially in bull markets like this one, a year-end rally, including Uptober, is quite likely.
  • The rather weak labor market data from the US are even an argument in favor of BTC for Coinshares' Head of Research, James Butterfill: “Looking ahead, we expect the fourth quarter to benefit from the disinflationary trend and continued signs of weakness in the US labor market – both factors that could support Bitcoin.”
  • The price of gold also currently gives cause for optimism. Although the gold market is still ten times larger than the BTC market, the precious metal is currently outperforming its digital counterpart. Since the beginning of the year, gold has recorded a return of 45 percent, while BTC has gained only 18 percent.

  • “The recent surge in the price of gold means that gold is popping the champagne and BTC is raiding the vault,” writes analyst Adam Livingston on X. According to Livingston, Bitcoin is catching up with a gap of 15 weeks – and is significantly outperforming the precious metal.
  • “With a median lag of 15 weeks, BTC then rises 181 percent on average in 180 days.” If the trend continues, Bitcoin would be at $319,200 in half a year.
  • Gold and Bitcoin belong in every portfolio. You can trade both assets safely and reliably with the EU-regulated broker Bitpanda.

Recommended Video Bitcoin before Uptober: What the data really reveals

Sources

  • Adam Livingston
  • Tradingview


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