Cryptocurrency analysis firm Wolfe Research believes that gold may surpass Bitcoin’s performance while Bitcoin remains stagnant at around $70,000. Despite the U.S. stock market trading at high levels, both assets have been trading in sync and setting new records. Wolfe’s analysts highlight that Bitcoin has historically behaved more like a risk asset, serving as a destination for retail investors’ excess liquidity. While a significant correction similar to the one in 2021 is not expected, the similarities between Bitcoin’s current patterns and the previous year are undeniable. However, Wolfe suggests that gold may fare better in this scenario. The gold-to-Bitcoin ratio is nearing support while being oversold on a weekly basis. If Bitcoin continues to consolidate within the $60,000-$73,000 range, it could create an opportunity for gold to outperform. Bitcoin recently reached an all-time high of $73,679 before experiencing a slight dip to around $60,800. Despite selling pressure historically emerging above $70,000, BTC has rebounded and appears poised for another surge. Please note that this analysis does not constitute investment advice.
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Analysis Company: “This Asset Could Take Over The Spotlight As Bitcoin Stalls”
