Bitcoin to 46k...Pipe Dream or Reality? BTC vs Gold Futures
Today I want to present to you a very interesting comparison between Bitcoin and Gold Futures.
Many people have already showed the comparison between Gold itself and Bitcoin, but we can clearly see a much better resemblance between Gold futures and Bitcoin.
Since the All-time high, both have made strikingly similar waves down (marked 1-5) before running flat for an extended period of time, clinging onto the support below.
Once that support finally broke, we saw the last major sell-off take us to the market bottom on both charts.
The rounding bottom in both cases resulted in an explosive move up to end the bear market and begin the recovery phase.
I drew Fibonacci retracements and extensions on both charts to predict where we could end up, and if Bitcoin continues to follow the path of Gold Futures then it is possible we end up at the 2.618 extension.
That would bring Bitcoin to about $46,000.
Obviously, there is a lot that needs to happen in this market to see those prices and especially to see them in the time frame posted here, but this post is for merely speculating and is only based on the comparison to Gold futures market cycle, nothing else!
Thanks for taking the time to look over my idea and feel free to comment below with your thoughts on this.
If you found this idea interesting, please give it a thumbs up!
Many people have already showed the comparison between Gold itself and Bitcoin, but we can clearly see a much better resemblance between Gold futures and Bitcoin.
Since the All-time high, both have made strikingly similar waves down (marked 1-5) before running flat for an extended period of time, clinging onto the support below.
Once that support finally broke, we saw the last major sell-off take us to the market bottom on both charts.
The rounding bottom in both cases resulted in an explosive move up to end the bear market and begin the recovery phase.
I drew Fibonacci retracements and extensions on both charts to predict where we could end up, and if Bitcoin continues to follow the path of Gold Futures then it is possible we end up at the 2.618 extension.
That would bring Bitcoin to about $46,000.
Obviously, there is a lot that needs to happen in this market to see those prices and especially to see them in the time frame posted here, but this post is for merely speculating and is only based on the comparison to Gold futures market cycle, nothing else!
Thanks for taking the time to look over my idea and feel free to comment below with your thoughts on this.
If you found this idea interesting, please give it a thumbs up!