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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

BTC and Gold Showing Correlated Moves, Will Bitcoin Price Rise From Here?

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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In recent weeks, the trade war between the Trump administration and China has been heating up, and fueling concerns that the global economy is on thin ice. The fears have caused a massive inflow of capital into gold and Bitcoin markets due to their scarcity and potential use as an economic hedge.

The two markets have been moving “lockstep” over the last month and have shown the “highest” correlation between the two assets since 2016. After a strong move up in both assets, prices consolidated and gold has started to advance once again – will Bitcoin follow and continue along its bull run?

Digital and Physical Gold Continue To Show Correlation Amidst Economic Turmoil

Gold, the chemical element and precious metal often used for orange jewelry and decor, is also used as an economic hedge during global recessions, a store of value, and historically, even a transnational currency.

Related Reading | Space Holds The Key to The Bitcoin (BTC) Moon Mission: Flipping Gold

Bitcoin, pitched as “digital gold” shares many of the same attributes as the amber-colored previous metal, but exceeds its benefits by lacking a physical footprint requiring storage. Bitcoin, too, requires vault-like storage to protect it from thieves, but it only ever takes up data.

Because the two share so many of the same similarities and benefits, it’s not too surprising that the two asset types often show correlation in price movements. However, with mounting global economic pressure, the two assets have shown the highest correlation since 2016, according to analyst Mati Greenspan.

Bitcoin and gold moving in lockstep over the last month. pic.twitter.com/6PsqxBtWZJ

— Mati (@MatiGreenspan) July 3, 2019

The Senior eToro analyst says that the two assets have been moving “lockstep” over the last month since gold broke upward through resistance.

Since then, the two assets have followed the same rally higher, followed by consolidation at this current levels. Gold recently started to climb again, which could suggest that Bitcoin will also follow a similar path upward.

Bitcoin A Sucker’s Rally While Gold Moves Into Bull Run?

Goldbug and Bitcoin basher Peter Schiff recently said that while gold’s bull run was only just beginning, Bitcoin’s recent rally was nothing more than a suckers rally, and anyone putting money into the crypto asset is essentially throwing money away.

The advice that everyone should at least put some money into Bitcoin in case it moons, but no more than one can afford to lose, is self-serving for those who already own Bitcoin and want to sell. Just because you can afford to lose money does not mean you should throw it away!

— Peter Schiff (@PeterSchiff) July 2, 2019

The analyst may end up being proven right if gold continues to climb from here, while Bitcoin heads downward to find support.

Gold rose from lows around $1,269 to the current high of $1,423 per ounce, representing a 12% increase. In the same time, Bitcoin rose from lows around $3,150 to a local high of $13,800, bringing investors who bought the bottom 338% growth. While gold grew much less percentage-wise, it takes the entire Bitcoin market cap to move gold just 3%, so far less capital is at play here in Bitcoin markets.

If the two diverge from here, gold could outshine Bitcoin as the winner of the economic hedge arms race between the two assets. However, if Bitcoin continues its bull run, it will solidify it as a true digital replacement for gold.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Created by industry experts and meticulously reviewed
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