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BTC Bitcoin breaks through US$65,000, CryptoQuant CEO interprets the correlation between BTC and gold
As Bitcoin breaks through US$65,000 in a day, CryptoQuant CEO Ki Young Ju provides new insights on Bitcoin. He pointed out that the correlation between Bitcoin and gold has begun to strengthen again. According to Ju, the relationship between BTC and gold has returned to the level when Bitcoin was regarded as "digital gold."
Will Bitcoin return to the era of "digital gold"?
The CEO of CryptoQuant released a chart on Platform X showing the 90-day Pearson correlation between Bitcoin and gold. According to shared CryptoQuant data, the correlation coefficient quickly rebounded and rose above 0.6. The correlation coefficient between gold and Bitcoin is close to 1, indicating that the price movements of the two assets are more in the same direction; while a value below 0 indicates that the two are moving in the opposite direction. According to the chart, the correlation between Bitcoin and gold remained basically positive until last year, but has dropped sharply since the end of last year, falling to about-0.8 at the beginning of this year. This led to a significant divergence in the trends of the two assets-because gold prices rose at the time, while Bitcoin showed a different trend and fell. According to this well-known CEO's post, the correlation coefficient between the two has quickly recovered and returned to the positive range recently. This means that Bitcoin and gold have once again shown a strong trend of moving in the same direction in the near future. In addition, Ju's latest assessment suggests that as the relationship between Bitcoin and gold prices re-strengthens, BTC's "digital gold" narrative may resurface.
Bitcoin may peak in the short term!
Crypto analysis company CryptoQuant assessed in its latest report that Bitcoin may continue its upward trend and peak in the short term, and will then usher in a deeper correction. According to analysis by CryptoQuant analysts based on Elliot Wave Theory, BTC is approaching a short-term peak in the range of $66,317 to $68,965, before facing a deeper decline. Analysts pointed out that the "i-v" downward wave pattern representing five waves in Elliott's Wave analysis suggests that the broader bear market trend remains strong. Against this backdrop, analysts believe Bitcoin's current rally may be part of a downward movement in a bear market structure. If the expected peak is reached, the last "V" wave may open and a new round of selling may occur in BTC. They also added that on-chain indicators also support downside risks. CryptoQuant analysts also pointed out that although Bitcoin is forming higher peaks, the MACD indicator shows a bearish trend and the RSI has entered overbought territory. This shows that although prices are rising, momentum has not increased simultaneously. Analysts also said that in the downtrend scenario, the next major target they are focusing on is $51,336.
