Coindesk analyst Omkar Godbole drew attention to the fact that bitcoin for the first time since June surpassed gold in growth rates.
In October, the first cryptocurrency grew by 10.26%, while gold showed a positive trend of only 2.74%. At the same time, bitcoin the previous three months fell in price, and gold had the strongest drop since June 2018 in September of this year - by 3.17%.
From February to June this year, all the monthly candle on the chart bakakina was painted green. This is the longest series of growth since August 2017. Meanwhile, gold declined in February, March and April, and rose in may by 1.7% and in June by 7.9%. Bitcoin in this reporting period gained 62% and 25.89%, respectively.
The analyst believes that bitcoin has prospects to bypass gold in November amid optimism about the negotiations between China and the United States, which could negatively affect the price of the precious metal. Historically, November is a good month for the first cryptocurrency – it grew in six cases out of eight.
A positive factor can be safely considered the upcoming halving of the reward for the block, which will happen in may 2020. In the past, bitcoin showed strength about six months before the event. In November 2012, the reward for the extracted block was reduced from 50 BTC to 25 BTC, and the rate rose from $5 to $16 by mid-August. A similar situation was observed before the second "halving" – bitcoin rose from $360 to $780 by June 2016, while the decline in rewards occurred in August.
The analyst suggests that bitcoin could rise in November and overcome local highs of $10,350, and then $13,880, over the next months.
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