Increasing demand for gold may start the Bitcoin (BTC) bull run. The interest in gold of any kind is another proof that gold is not lost as it is perceived as a store of value. And Bitcoin is still limited below the all-time high.
Although gold advocates claim that the increase in the value of gold does not move in favor of Bitcoin, the latest figures convey a statistically opposite message. Golden bugs like Peter Schiff believe that Bitcoin is close to rivaling the physical gold.
Bitcoin (BTC) Broke $ 10,000 Once Again
Bitcoin’s price tried to go above $ 10,000 much of this year, and today it has managed to go above the $ 10,000 level again. But victory was short and the decline began. This failure did not send Bitcoin to very low points. Surprisingly, Bitcoin opposed analysts’ predictions that prices should see improvement to continue to remain strong above the $ 9,000 mark.
Cryptocurrency analyst Joseph Young said that a $ 30 increase in Gold price is all it takes to raise the all-time high. Apparently, gold was last seen at this level 9 years ago, and could reach a new record, with gold increasing by 30% in the past 4 months.
“Investors will turn to Bitcoin”
For Bitcoin, this means that investors are actively looking for new stores of value. The United States’ announcement that billions of money would be needed for another economy program disturbed investors. Investors do not want to face the risk of inflation. Joseph Young says investors will turn to Bitcoin to minimize losses and maximize profit.
In the 2020 yearly performance chart published by Bitcoin investor Preston Pysh, it appears that Bitcoin ranks first for most of 2020. If traders follow these metrics, Bitcoin can struggle to withstand tremendous sales from traders.
Another crypto analyst, known as Crypto Dog, warned that there is a limited time to buy Bitcoin under $ 10,000.