How Bitcoin Breaks $20K: The Answer Lies in Gold-M2 Correlation
Bitcoin bulls have repeatedly claimed that the cryptocurrency price will hit $20,000 shortly. While many analysts believe it would happen, some disagree.
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Data shows the correlation between Bitcoin and Gold has turned negative, a sign that the two assets are moving in the direction opposite to each other. Correlation Coefficient Is Now Underwater For Bitcoin & Gold In a new post on X, CryptoQuant community analyst Maartunn has talked about the latest trend in the Correlation Coefficient between Bitcoin and Gold. The Correlation Coefficient is a tool from statistics that measures the relationship between two given variables over a given period, typically one month. In the current case, the variables are the prices of BTC and Gold. Related....
Data shows the digital gold narrative may be in danger on the short term as Bitcoin has diverged from Gold in its 30-day Correlation. Bitcoin Is Still Correlated To Gold On A Long-Term Scale In a new post on X, on-chain analytics firm Glassnode has discussed about how the Correlation between Bitcoin and Gold is […]
Bitcoin decoupled with the stock market and saw its correlation with gold rise to a level not seen since last year. Bitcoin (BTC) and gold are no longer investors’ primary choices as inflation hedges amid the strengthening United States dollars. The current turmoil in financial markets added to the geopolitical tensions has run havoc on the majority of the assets that investors prefer to invest in during times of financial crisis.Bitcoin has lost nearly 70% of its market cap since the market top last year while gold, which strengthened its position in the first quarter of the year despite....
Bitcoin tails the gold market but with a delay. And the lagging correlation now suggests that the cryptocurrency would rise to $25,000.
Bitcoin has been called 'digital gold', but does this mean the two markets behave similarly? This relationship has been top of mind for industry observers for some time, as media coverage has often championed the idea bitcoin is a new 'safe haven' asset. But while some market observers have claimed there is a correlation between bitcoin and gold, members of the digital currency trading community disagree. Further, some have collected data they believe shows this relationship is speculative at best. Though bitcoin and gold have frequently displayed a notable correlation during times of....