{"id":97050,"date":"2020-10-25T04:49:16","date_gmt":"2020-10-25T01:49:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/gold-breaking-down-against-bitcoin-is-highly-bullish-for-btc-analyst\/"},"modified":"2020-10-25T04:49:16","modified_gmt":"2020-10-25T01:49:16","slug":"gold-breaking-down-against-bitcoin-is-highly-bullish-for-btc-analyst","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/gold-breaking-down-against-bitcoin-is-highly-bullish-for-btc-analyst\/","title":{"rendered":"# Gold \u2018breaking down\u2019 against Bitcoin is highly bullish for BTC \u2014 Analyst"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26bacb7b445\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26bacb7b445\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/gold-breaking-down-against-bitcoin-is-highly-bullish-for-btc-analyst\/#Why_is_Bitcoin_outperforming_gold_and_stocks\" >Why is Bitcoin outperforming gold and stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/gold-breaking-down-against-bitcoin-is-highly-bullish-for-btc-analyst\/#Prominent_investors_confidence_is_the_cherry_on_top\" >Prominent investors\u2019 confidence is the cherry on top<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Gold \u2018breaking down\u2019 against Bitcoin is highly bullish for BTC \u2014 Analyst <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Earlier this week, Bitcoin (BTC)\u00a0advocate and Real Vision CEO Raoul Pal said\u00a0gold is breaking down against BTC. If the dominant cryptocurrency continues to gain momentum against BTC, it could strengthen its perception as a store of value.<\/p>\n<p>In the past month, the price of Bitcoin gained 30.36% against the U.S. dollar, from $10,136 to $13,217. In the same period, gold has gained about 2.25%, from $1,863 to $1,903.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/be27b0d0-7f88-4b35-94c3-699bc32c650f.jpg\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>Gold slumps against Bitcoin. Source: Raoul Pal, Bloomberg<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Why_is_Bitcoin_outperforming_gold_and_stocks\"><\/span>Why is Bitcoin outperforming gold and stocks?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the past two weeks, while the price of Bitcoin rallied strongly, both gold and the U.S. stock market steadily recovered. <\/p>\n<p>The confluence of three major factors likely contributed to the upsurge of Bitcoin since early October.<\/p>\n<p>First, PayPal&#8217;s crypto\u00a0integration announcement\u00a0buoyed market sentiment. Second, the institutional demand for BTC has continuously increased following Square, MicroStrategy, and Stone Ridge\u2019s investment. Third, Bitcoin\u2019s favorable high time frame log charts have spurred significant optimism.<\/p>\n<p>Particularly, after its breakout above $12,000, the volume of Bitcoin across the spot, institutional, and derivatives market spiked. Consequently, the digital asset began to outperform most risk-on and risk-off assets. Pal <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/RaoulGMI\/status\/1319292827990253568\">said<\/a>:<\/p>\n<blockquote><p>\u201cGold is breaking down versus bitcoin, as expected cc: @michael_saylor Everyone take note. The next thing I&#8217;m expecting is the correlations between BTC and the dollar and BTC vs equities to break down too&#8230; let&#8217;s see. #Bitcoin.\u201d<\/p><\/blockquote>\n<p>As Cointelegraph reported, when Bitcoin surged past the $12,000 resistance level, it marked a clean breakout on the weekly chart. Traders have started to pinpoint the weekly and monthly log charts to predict a new all-time high.<\/p>\n<p>The strong technical momentum of Bitcoin and its decoupling from gold and stocks are also possibly furthering the intensity of BTC\u2019s current rally.<\/p>\n<p>In the short term, cryptocurrency technical analysts say that Bitcoin faces an identity crisis, but fortunately in a good way. <\/p>\n<p>Cantering Clark, a Bitcoin and derivatives trader, said gold is under pressure when the dollar goes up. The analyst said that for BTC, due to uncertainty on whether it is a risk-on or a risk-off asset, it could see a lower correlation with the dollar. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CanteringClark\/status\/1316005037647298564\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cGold&#8217;s adversary is the dollar, if the $DXY heads north, Gold is im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely under pressure. $BTC has the benefit of having the identity crisis still, where some see it as a SOV, and some see it has a higher beta play on equities.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Prominent_investors_confidence_is_the_cherry_on_top\"><\/span>Prominent investors\u2019 confidence is the cherry on top<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As the momentum of Bitcoin continues to gain against gold and stocks, prominent billionaire investors are voicing their support for BTC.<\/p>\n<p>Paul Tudor Jones, the Wall Street billionaire investor who <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-05-07\/paul-tudor-jones-buys-bitcoin-says-he-s-reminded-of-gold-in-70s\">purchased Bitcoin in May<\/a>, reaffirmed his positive stance around Bitcoin.<\/p>\n<p>Hasu, a researcher who writes for the top cryptocurrency options exchange Deribit, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/hasufl\/status\/1319277431094558723\">quoted<\/a> Tudor Jones saying:<\/p>\n<blockquote><p>&#8220;I&#8217;ve never seen a store of value where you also have [such] great intellectual capital behind it. [&#8230;] When you short the bond market as an inflation hedge you&#8217;re really betting on the fallacy of mankind rather than its ingenuity.&#8221;<\/p><\/blockquote>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/gold-breaking-down-against-bitcoin-is-highly-bullish-for-btc-analyst\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Gold \u2018breaking down\u2019 against Bitcoin is highly bullish for BTC \u2014 Analyst &#8221; Earlier this week, Bitcoin (BTC)\u00a0advocate and Real Vision CEO Raoul Pal said\u00a0gold is breaking down against BTC. If the dominant cryptocurrency continues to gain momentum against BTC, it could strengthen its perception as a store of value. In the past month,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":97051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/dccb1e41-6068-4cb7-9413-f51328905848.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,71835,73785,70359],"class_list":["post-97050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-gold","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/97050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=97050"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/97050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/97051"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=97050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=97050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=97050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}