Famous Economist Evaluates Bitcoin (BTC): “It Behaves Much Differently Now”

According to financial analyst James Turk Bitcoin (BTC) end cryptocurrency The unit managed to survive the winter.

“Bitcoin Stopped Behaving Like Technology Stocks, Rises With Gold”

Turk stated that the largest cryptocurrency now moves with gold. It thus stopped acting like a typical tech stock, according to the analyst.

This is an important development, as it may indicate that Bitcoin is starting to become a gold-like store of value rather than a speculative asset.

Turk said in his statement:

“It looks like Bitcoin has survived the crypto winter. It stopped trading like a technology stock. It rises with gold. BTC had overcome the downtrends twice before and showed an upward trend. @maxkeiser: “BTC has no top because the dollar has no bottom.” That explains why I love gold and silver.”

looks like #Bitcoin survived the #crypto winter. Stopped trading like a #TechStock. It’s been moving higher with #gold. #BTC has twice before hurdled downtrends & shot higher. @maxkeiser: “BTC has no top because the #dollars has no bottom.” Explains why I like gold & #silver too pic.twitter.com/oVyEqCVSoM

— James Turk (@FGMR) January 15, 2023

Investors witnessed Bitcoin’s climb to the much-loved $21,000 level. This significant move was fueled by the growing belief that the world’s largest cryptocurrency may have hit the bottom of its bearish cycle. Moreover, US inflation appears to have peaked, which bodes well for risk assets.

With these jumps, the total market value of cryptocurrencies exceeded $ 1 trillion for the first time in more than two months.

Bitcoin suffered significant losses in 2022 due to the negative macro environment and a series of crypto scandals. BTC fell to the level of $ 15,000 due to the FTX disaster.

However, the BTC price is still around 70% lower than its peak in November 2021.

*Not investment advice.