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Since Ancient times gold has been a sought-after asset. Nowadays, it is traded on the stock exchanges, Forex, but in 2008 a new type of gold appeared - Bitcoin. They are compared by most investors and analysts who believe in the viability of cryptocurrency. But is it possible to determine the future price of BTC using the same instruments that are relevant to gold? In this article we’ll take a closer look at this issue.
Let's start with technical analysis. Of course, this tool has been helping traders in predicting the price of gold for many years. However, not always when it comes to Bitcoin, due to this asset being chaotic because of its novelty, non-controllability by the SEC and speculativeness.
Now let’s consider the news analysis. News announced in the media affects both gold and cryptocurrency. For example, the price of gold goes up when statements about the possibility of an international conflict appear. Remember when last year Trump sent the US fleet to the shores of North Korea? Investors, wanting to protect their capital in the event of a sad outcome of events, actively buy gold. It is believed that it will be of value at all times. ⌛️
The same happens with Bitcoin. If we study its history since 2008, it is obvious that it acts as an alternative asset. Investors began to buy it during the mass arrests of offshore accounts in Cyprus, and BTC becomes especially attractive during crises in the stock market. It is increasingly being used to diversify risks, like gold.
Which asset is the most relevant for you? We are waiting for your opinion in the comments!
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