Analyst Draws Attention to Gold Correlation: Bitcoin Ready to Take Off!

A new analysis bitcoin If the price continues to follow gold, it may exceed $ 50,000. predicts.

Analyst TechDev has given a new price prediction based on the XAU/BTC chart. The analyst claims that the correlation between gold and Bitcoin is “undoubted” truth.

While discussions about how much Bitcoin will compete with gold continue, there are upward trends in prices. TechDev, on the other hand, is much more optimistic and thinks that $50,000 levels are possible.

The analyst analyzed the BTC/USD and XAU/USD charts. Continuing a previous narrative, TechDev is of the opinion that the precious metal may be ahead of Bitcoin in terms of recovery.

Bitcoin and gold correlation

As reported, the correlation between gold and Bitcoin is now almost 100%. TechDev, on the other hand, thinks that gold and BTC are inversely correlated with the dollar.

If Bitcoin continues to chase gold in relative terms, things will change for the bulls. According to the data, XAU/USD is 39% below BTC/USD, up 6.1% year-to-date.

Bitcoin price prediction

According to analyst gold has the power to trigger a significant rise very soon. This will find a positive response in the Bitcoin price due to the correlation. The biggest catalyst for this increase forecast is gold-based trade in Russia, China and across Asia.

You can see the current price action by clicking here.

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