Cryptocurrency

Gold

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 <p class="paragraph">Bitcoin (BTC) has lagged behind Gold since the leading cryptocurrency’s all-time high in 2021.</p>
 <p class="paragraph">The Bitcoin/Gold <a rel="noopener noreferrer nofollow" title="ratio" href="https://thebittimes.com/tag/ratio.html">ratio</a> now faces important resistance against the stock market and two possible outcomes surge for BTC.</p>
 <p class="paragraph">In particular, <em>Bloomberg</em>’s commodity <a rel="noopener noreferrer nofollow" title="expert" href="https://thebittimes.com/tag/expert.html">expert</a> Mike McGlone analyzes the current economic scenario and leans toward a <a rel="noopener noreferrer nofollow" title="recession" href="https://thebittimes.com/tag/recession.html">recession</a>. McGlone posted his <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> on X (formerly Twitter) on January 23, warning of trickle-down risks moving forward.</p>
 <p class="paragraph">The commodity <a rel="noopener noreferrer nofollow" title="expert" href="https://thebittimes.com/tag/expert.html">expert</a> explained Bitcoin surged in a favorable scenario of zero-interest rate policies (ZIRP) after a financial crisis. However, the cryptocurrency started to lag behind Gold when interest rates rose.&nbsp;</p>
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 <p class="paragraph">Now, the Bitcoin/Gold ratio also lags behind the stock market with a recent resistance validation, possibly trending downwards. At least, this is what Mike McGlone believes will happen while sounding the alarm of a recession for Bitcoin.</p>
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    <p lang="en" dir="ltr">Born of the global financial crisis and zero interest-rate policies (ZIRP), #Bitcoin's lagging performance vs. #gold since the 2021 peak, despite the record-setting US #stockmarket, may portend crypto catch-up or #recession leanings. My bias is the latter, and the chart… pic.twitter.com/f9v7nVT0eg</p>— Mike McGlone (@mikemcglone11) January 23, 2024
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 <h2 class="wp-block-heading" id="h-btc-price-analysis-and-the-bitcoin-gold-ratio">BTC price analysis and the Bitcoin/Gold ratio</h2>
 <p class="paragraph">Moreover, the <em>Bloomberg</em> analyst hints at the Bitcoin spot ETF frenzy as a top signal preceding this recession forecast. Interestingly, this insight traces a comparison to gold’s lack of yield as an investment:</p>
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  <p class="paragraph">“Lacking earning and interest are top reasons gold isn’t widely held in portfolios amid increasing finalization, which could also pertain to Bitcoin. The crypto exchange-traded fund frenzy might be looked back upon as a bell ringing at the top.”</p> <cite>— Mike McGlone for Bloomberg</cite>
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 <p class="paragraph">Meanwhile, Bitcoin has lost nearly 18% since its peak at $48,965 on January 11, following the ETF’s approval. It is currently trading at $40,174 after losing an important support line, now struggling to break this resistance back.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="661" src="https://cdn.thebittimes.com/images/2024/01/24/fd719290d27074ae74cddb4628a0cd0c.webp" alt class="wp-image-150933" srcset="https://cdn.thebittimes.com/images/2024/01/24/fd719290d27074ae74cddb4628a0cd0c.webp 1024w, https://cdn.thebittimes.com/images/2024/01/24/fd719290d27074ae74cddb4628a0cd0c.webp 300w, https://cdn.thebittimes.com/images/2024/01/24/fd719290d27074ae74cddb4628a0cd0c.webp 768w, https://cdn.thebittimes.com/images/2024/01/24/fd719290d27074ae74cddb4628a0cd0c.webp 1536w, https://cdn.thebittimes.com/images/2024/01/24/fd719290d27074ae74cddb4628a0cd0c.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC/USD daily price chart. Source: <em>TradingView</em>
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 <p class="paragraph">It is worth mentioning that BTC’s daily Relative Strength Index (RSI) is signaling weakness. Nevertheless, Bitcoin could return to December’s range and regain its strength in an uptrend.&nbsp;</p>
 <p class="paragraph">In summary, McGlone expects the Bitcoin/Gold <a rel="noopener noreferrer nofollow" title="ratio" href="https://thebittimes.com/tag/ratio.html">ratio</a> to continue falling despite Bitcoin’s individual performance. Essentially, this suggests Gold is a better investment than BTC for 2024 until the observed trend shifts.</p>
 <p class="paragraph">Investors must act with caution and follow further developments to make profitable decisions.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/commodity-expert-sounds-recession-alarms-on-bitcoin-gold-ratio-tbt77574.html">https://thebittimes.com/commodity-expert-sounds-recession-alarms-on-bitcoin-gold-ratio-tbt77574.html</a></p>

Commodity expert sounds recession alarms on Bitcoin/Gold ratio

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