Analysis: Bitcoin has regained its correlation with gold; if it follows the trend, it could see a significant rise by year-end
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Analysis: Bitcoin has regained its correlation with gold; if it follows the trend, it could see a significant rise by year-end
According to Cointelegraph, Bitcoin has resumed its correlation with gold, both recently reaching all-time highs. Gold has shown strong price momentum, rising over 50% year-to-date, outperforming Bitcoin, which has gained about 33.5% during the same period. However, analysts believe that although Bitcoin's rally has lagged behind gold, if it continues to follow gold's upward trend, it could see significant gains by year-end. While a pullback remains possible, Q4 is generally expected to be highly significant for Bitcoin. David Marcus, co-founder of Lightspark, expects that if Bitcoin's value aligns with that of gold
Navigating Web3 tides with focused insightsTechFlow news, October 7 — According to Cointelegraph, Bitcoin has resumed its correlation with gold as both recently hit record highs. Gold has shown strong price momentum, rising over 50% year-to-date, outperforming Bitcoin, which has gained approximately 33.5% during the same period. However, analysts suggest that despite Bitcoin's relative lag behind gold, if it continues to follow gold's upward trend, a significant surge by year-end could occur. While a pullback remains possible, Q4 is generally expected to be pivotal for Bitcoin.
David Marcus, co-founder of Lightspark, expects that if Bitcoin reaches the same market value as gold, one Bitcoin could reach $1.3 million, making a seven-figure price point only a matter of time.
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