Bitcoin bulls were cheerful this Tuesday as a top analyst’s call to purchase gold amidst the Coronavirus-induced market turmoil created similar opportunities for the cryptocurrency.
Jeffrey Currie, a commodity researcher at Goldman Sachs, said in a note that the yellow metal has reached an “inflection point” after the Federal Reserve announced that it would buy an infinite amount of mortgage-backed securities and Treasury bonds to keep lending costs lower.
Time to buy gold | Source: Goldman Sachs, Bloomberg
The US central bank’s decision would increase liquidity which, in turn, would discourage investors from dumping their gold positions for cash, Mr. Currie noted. He also added that a growing deficit in the emerging economies, as well as financial instability in the European countries, would lead investors to seek safety in gold, a traditional haven asset. Excerpts:
“We believe this will likely lead to debasement concerns similar to the post-GFC period. Accordingly, we are likely at an inflection point where ‘fear’-driven purchases will begin to dominate liquidity-driven selling pressure, as it did in November 2008.”
Bitcoin Eyes Price Boom
The gold-only prediction allowed crypto investors to carve out a similar scenario for their markets. Most notably, billionaire hedge fund manager Mike Novogratz predicted that bitcoin could follow gold with a notable price breakout mainly because both the assets are scarce by nature.
Gold is almost back to it highs. I believe it’s going much higher. Let’s go $BTC. Get on your horse and ride. Same thesis.
— Michael Novogratz (@novogratz) March 24, 2020
The parallel upside prediction came as both gold and bitcoin prices surged in sync after the Fed’s announcement on Monday. While the yellow metal topped near $1,627.70, its lookalike cryptocurrency surged to $6,886.10 around the same time. According to a pseudonym market analyst, LightCrypto, both the assets showed a positive correlation.
“While we are still in the early innings of what lies ahead, the correlation exhibited by Bitcoin and gold after today’s QEinfinity announcement is something to take note of,” he said in a tweet published Tuesday.
Gold and Bitcoin rise in tandem as Fed announces infinite QE | Source: LightCrypto
The assets’ near-term bias was similar even during their downtrend. Both fell in sync over the last two weeks as investors liquidated their positions to cover their margin calls. Their profitable standings in 2020 also posed as opportunities for traders to dump them at local highs for cash, mainly because they entertained the idea of staying home during the Coronavirus crisis.
So far in 2020, nevertheless, bitcoin was down by 5.87 percent but gold was up by 5.42 percent.
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Bitcoin has done what many bulls dreaded: it plunged below six figures, crashed through $100,000, and even tumbled past $98,000 in a wave of liquidations not seen since May. As reported by CryptoSlate, BTC fell to $98,550, triggering $190 million in long liquidations in one hour and $655 million in 24 hours as spot ETFs […]
The post Bitcoin tests the $95k HODL wall after cascade knocks out $655M from bulls appeared first on CryptoSlate.
Bitcoin needs to turn the $85,000 resistance into a support zone for a bullish breakout.
Monitoring ETF flow trends alongside key technical levels will be essential in assessing BTC's near-termThe post Bitcoin bulls vs.
So far, Bitcoin has seen a mixture of bulls and bears just in the past day alone. Although bulls appear to be taking the lead given its current market performance, will this be sustainable? Before the US Federal Reserve announcement of the rate cuts, Bitcoin experienced a slight dip in its trading price.
After a 10-day dip, Bitcoin has surged past $70,000. The renewed vigor in BTC's price action signals a resurgence of momentum as the market continues to climb. Can the bulls sustain this momentum and propel Bitcoin into a new phase of price discovery?
In a shocking twist, Bitcoin (BTC), the undisputed king of cryptocurrencies, has plunged to levels not seen since the early days of 2023. The battle-hardened Bitcoin bulls have suffered another crushing defeat, leaving investors on edge, anxiously pondering whether the dreaded sub $20,000 abyss will haunt them again.
Bitcoin’s breakout to $29k comes after bulls established $26,190 as a key support zone. If bulls break to YTD highs, the next direct resistance per the Fibonacci model could be at the -50. 0% retracement of $34,280.
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
The downtrend from November was still in play for Bitcoin [BTThe post As Bitcoin reclaims $20k, can BTC traders drive bulls to aim for the sky appeared first on AMBCrypto.
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Bitcoin is currently in the process of consolidating as bulls and bears battle for control of its near-term outlook Where the cryptocurrency trends in the mid-term will likely depend on whether or not bulls can once again push it above $19,000, as this has been a pivotal level for BTC A sustained bout of trading below here could open the gates for serious losses, but many factors are all working heavily in the cryptocurrency’s favor. […]
Bitcoin is in limbo as of this article’s writing, stuck above the $10,000 psychological support and below the $10,500 resistance. Both bulls and bears have valid arguments at current. The bulls think that BTC continuously holding $10,000 lends to a high chance of appreciating.
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Bitcoin bulls have been fighting to break $10,000 for months now. Bitcoin has been rejected several times from this doomed level, however, the last time that happened, just 2 weeks ago, bears had a lot of continuation but the bulls managed to buy the dip and push Bitcoin back above $9,000 and tried to break […]
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Former Binance CEO Changpeng Zhao has made a soft jab at gold advocate Peter Schiff about the verifiability of the asset.
The post ‘Gold is Difficult to Verify’: CZ Pokes Bitcoin Critic Peter Schiff appeared first on Coinspeaker.
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