Bitcoin and gold graph move parallel to each other in many respects after the March Crisis. It seems possible that a similar movement in gold prices will be experienced in Bitcoin.
Bitcoin and gold graph are exactly the same!
World Health Organization Covid-19 After declaring the disease caused by the virus as a global pandemic, the price of many financial assets, especially gold and Bitcoin, collapsed, so to speak. Afterwards, Bitcoin and gold were among the financial assets that recovered the fastest from this crisis. In the chart below, we see the change in the ounce price of gold in 2020.
The similarity in Bitcoin and gold graphs makes Bitcoin investors fearful. Because there is a possibility that a similar depreciation in the gold price may occur in Bitcoin prices in recent days.
TraderXO shared the similarity with its followers with the graphic below. He described the similarity between the two with the phrase “carbon copy”.
Please See: Current Bitcoin (BTC) Technical Analysis: BTC dollar parity and live price chart
We see that gold prices are testing the lower limit of the corridor where they have been moving in recent days. A similar corridor also appears for Bitcoin prices. Like gold, Bitcoin is likely to visit the lower level of the corridor.
So, TradeXO warns that Bitcoin prices may fall as low as $8,500 and may correct itself.
After all, gold and Bitcoin value accumulation. used as a tool. Ultimately people will not hide these assets. They’re going to get their needs pretty high. Investors who lost income due to the corona epidemic would finance their expenses by exchanging Bitcoin and gold. It is due to the nature of the economy that such sales occur from time to time.
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