Under came the record of 10 years. Will it follow gold in bitcoin?
Gold has been in a bull market since March of last year, and especially since March 2020. Gold, which has increased by about 30% in the last four months by $400, has now risen above $1,800 for the first time in the past decade.
Gold Breaks Record
When the graphics are examined, it is seen that gold draws a long-lasting and large U. Gold is on a constant upward trend, especially as central banks are constantly printing money. However, price volatility seen in 2018 is another factor that raises gold.
In addition, the dollar strengthened significantly in 2018, leading to a recession in equities, a fall in the price of Bitcoin, a loss or recession in nearly all assets, and a fall in the value of many currencies. But the fact that there has been constant currency printing lately is undermining the dollar’s strength and people are turning to safe-haven assets like gold and Bitcoin.
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Will Bitcoin Follow?
The rise in gold has brought to mind the question of whether it will follow it in Bitcoin, especially in the cryptocurrency world. In fact, leading cryptocurrency Bitcoin also began the day with an increase, and managed to cross the $9,300 limit, a long-standing level of serious resistance. Bitcoin, which has gained new upward momentum, is up to $9,470, especially after news that gold has hit a record high.
Both the rise in gold and the current state of the economy will also give Bitcoin an upward momentum, analysts think. Already, BTC has been in the process of consolidation for a long time, a big move in the coming days would be interpreted as.
With the price movement also showing gold, BTC could see higher levels in the coming days, according to analysts.
