According to Bank of America (BofA) analysts, the increasing correlation between Bitcoin (BTC) and gold (XAU) indicates that Bitcoin is a safe haven.
BofA analysts Alkesh Shah and Andrew Moss Despite the ongoing crypto bear market, investors are increasingly turning to Bitcoin, according to a new study published by a safe harbor as they look. According to analysts, despite the macroeconomic crisis, the calm movements on the Bitcoin price and S&P 500, Nasdaq, gold with traditional investment instruments such as increased correlation can be interpreted positively.
Bitcoin’s correlation with gold, often seen as an inflation hedge, has soared this year, data show. The alignment reached its annual high in early October.
Analysts say that after a long time, Bitcoin is finally seen as a tool that can be protected from the risks of inflation. valuable for the long term He stated that there is a data:
A slowing positive correlation with SPX/QQQ and a rapidly rising correlation with XAU suggest that investors may view Bitcoin as a relative safe-haven as macro uncertainty persists and a market bottom continues to be seen.
