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A narrative has formed over recent months that the Bitcoin price is closely correlated with gold.
But according to a recent analysis shared by a crypto trader, BTC may actually be closely correlated with silver. The issue with this correlation is, silver’s price action is preceding that of Bitcoin by a few weeks.
The trader in question shared the chart on August 23rd. The chart shows that should Bitcoin’s trajectory continue to follow that of silver, the cryptocurrency will soon trade at $20,000. After hitting $20,000, the fractal also suggests that the BTC price will move to $30,000.
Few analysts actually expect Bitcoin to hit $30,000 this year, especially in just a few months. But many analysts and investors, like BitMEX’s Arthur Hayes and Galaxy Digital, are adamant that $20,000 will be breached in 2020.
The fundamentals, like the silver fractal aforementioned, also suggest that Bitcoin is likely to move higher from here.
Mike McGlone, the senior commodity analyst at Bloomberg Intelligence, recently said that Bitcoin’s trend of volatility suggests an uptrend is intact:
“Stuck between 3-9x over the past few years, the price of Bitcoin per ounce of gold tilts the crypto toward resuming appreciation, if volatility history tells us anything. The Aug. 19 cross rate of 6x is the same as in 2017, yet Bitcoins’s volatility has dropped relative to gold.”
McGlone has been touting the Bitcoin bull case for months now.
Also core to his positive sentiment is the influx of investment the cryptocurrency space is seeing, exemplified by institutional money flows through the CME, Grayscale, and other avenues:
“Bloomberg Intelligence Commodity Primer – Something unexpected needs to happen for #Bitcoin’s price to stop doing what it’s been doing for most of the past decade: appreciating. Demand and adoption metrics remain favorable vs. the crypto asset’s unique attribute of fixed supply.”
McGlone says that Bitcoin could hit $20,000 in 2020, citing the similarities between this market cycle and the last one.
In other trending Bitcoin News today:
Fed, futures and fundamentals: 5 things to watch in Bitcoin this week
Bitcoin (BTC) starts another week in a bullish mood as hurdles line up to shape price trajectory.
Here are five factors determining where BTC/USD may go in the coming days, and what traders should look out for.
1 – All eyes on the Fed and U.S. inflation
Stocks saw records last week with the S&P 500 hitting all-time highs. Despite a lower overall impact on Bitcoin, moves on macro markets are still more than capable of spilling over into cryptocurrency.
2 – Analyst eyes $9,600 for BTC price “buy the dip”
In a transaction analysis video on Sunday, van de Poppe added that in the event of a breakdown, the “buy the dip” level to look out for would nonetheless fall below $10,000.
“The real level I’m watching for buy the dip levels if we do break out is between $9,600 and $9,900,” he summarized.
3 – Bitcoin difficulty hits a new record
A mixed bag for Bitcoin fundamentals saw network difficulty adjust upwards 3% to hit new all-time highs, but hash rate trend lower.
According to data from monitoring resource BTC.com, difficulty increased by 3.6% on Monday to hit 18.17 trillion.
4 – $730 million options expire
62,000 BTC ($730 million) worth of Bitcoin options will expire on Aug. 28, reminiscent of the end-of-month action from June.
5- “Extreme greed” reigns supreme
Bitcoin investor sentiment is “extremely greedy” and getting greedier.
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Show Notes / News Resources:
– $20K Bitcoin Prediction: https://bit.ly/3hqs5x0
– 5 BTC Factors to Watch: https://bit.ly/3hqAe4A
– IMF Article: https://bit.ly/3gpZMxx
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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