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Breaking News: Breaking: Bitcoin Breaks Above $24,000 For The First Time In 2023
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Breaking News: Breaking: Bitcoin Breaks Above $24,000 For The First Time In 2023
bitcoin gold btcusd xauusd
Advertisement

Gold Nears Short-Term Top, Raising Two Possible Scenarios For Bitcoin

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
Advertisement

The precious metal gold and its digital counterpart, Bitcoin, have been in a safe haven arms race for two-plus years now. The two assets became even more tightly correlated starting on Black Thursday, as investors scrambled searching for the best hedge against inflation.

The original safe haven asset’s uptrend may be coming to an end, or at least preparing for a significant pullback. Could the ongoing correlation make a gold collapse dangerous for crypto? Or will capital flow out of the yellow-colored metal and into Bitcoin? 

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TD 9 Triggers Sell Setup On Monthly Gold Charts, Massive Change in Trend Possible

Gold peaked amidst the last recession at prices just under $2,000. It took over ten years for the precious metal to revisit those highs and take them out.

Last month, gold prices soared to over $2,000, setting a new all-time high. August’s monthly close last night finished the month out with a long-legged doji, signaling indecision and a possible reversal.

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The new September monthly open only made the outlook worse for XAUUSD, triggering a 9 sell setup on the TD Sequential indicator. The technical analysis indicator is highly reliable and was designed by Thomas Demark to time potential trend exhaustion and therefore reversals.

gold xauusd td 9 monthly

XAUUSD Monthly TD Sequential  9 Sell Setup | Source: TradingView

The last major 9 signal was a buy setup the month following the 2015 low. The reversal at the 9-count was so powerful, it left a 1 in its trail, starting a new uptrend count. A full 56 months later, the over 85% ROI uptrend may be coming to an end.

Will The Precious Metal Meltdown Benefit, Or Burn Bitcoin?

Things don’t look very bright for gold, but could the safe-haven asset correcting also be bad for Bitcoin, or something the crypto asset can benefit from?

A recent correlation between gold and the crypto asset would suggest that if gold nosedives, Bitcoin could see a strong correction as well. If gold happens to drag down the first-ever cryptocurrency, the recent bull market beginnings could be in trouble.

bitcoin gold comparison

But there’s another scenario that isn’t too far-fetched. Capital could flow out of the precious metal and into Bitcoin.

The recent pandemic and gold supply chain challenges have increased demand for commodity-backed tokens representing physical gold ownership. The trend of tying a hard asset to a crypto token has been booming, but Bitcoin already serves the purpose well, and perhaps even better.

RELATED READING | CHECK OUT BITCOIN AND GOLD’S “UNCANNY” CORRELATION DURING POWELL SPEECH

Unlike gold, Bitcoin has a known, finite supply. With talk of Elon Musk smashing precious metals out of asteroids, hedge funds reallocating recent gold profits into Bitcoin, and other major changes in the demand for the metal, a transfer of capital to the crypto market is plausible.

And with violence, protest, and political unrest spilling into the streets all over the world, the need for a non-physical, non-sovereign, safe-haven asset is becoming more apparent by the day.

Featured image from Deposit Photos.
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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