Key Takeaways
- Gold and silver hit new all-time highs of $4,050 and $ 49.30, respectively, as BTC struggles.
- The price of Bitcoin must break above the all-time high resistance of $126,500, accompanied by increased volume, to resume the bullish rally.
- Crypto experts suggest there’s nothing to worry about for the Bitcoin price as it remains on course for its $150K price target.
Gold and Silver are on fire, with prices currently trading at new all-time highs of $4,044 and $49 per ounce, respectively. The metal assets have outperformed Bitcoin (BTC) in previous weeks, despite rallying to new all-time highs of $126,000, but have suffered rejection to the downside.
While many traders and crypto experts perceive the price of BTC could eventually catch up with these assets, others have insisted that the market could be potentially in for a Bitcoin correction, considering the price is struggling to sustain its momentum to the upside, allowing Gold and Silver to outperform its price.
Gold and Silver Show Incredible Price Actions
Gold and Silver have been in fine form since September, despite the price of Bitcoin struggling. The price of Gold saw an impressive rally of over 15% in September, while BTC struggled to protect its key demand zone of $108,000.
Following the close of September, the price of Bitcoin closed above this key zone for the first time, opening up an opportunity for a potential price rally towards new all-time highs. Historically, October has favored Bitcoin, with a 20% average performance.
The price of Bitcoin, which started in October, rallied to a new all-time high of $126,500 but was short-lived, as the price came crashing toward the key support region of $120,000 to $119,000. These zones held prices from breaking lower as the price gained momentum to the upside, attempting to catch up with Gold and Silver.
With institutional organizations and banks accumulating Gold and Silver as a haven, this will have an impact on its price to the upside. Will the price of Bitcoin rally by at least 20% in October?
BTC Market Sentiment and Expert Prediction
The price of BTC appears strong despite its first major retracement following the rally from a region of $108k to $126k, as crypto expert CryptoPoseidon believes that others are worried about a potential market crash. The price of Bitcoin trading into a key demand zone would allow traders and investors to open long positions.
According to the trader, the price rallied towards a high of $150k, leaving many in disbelief, as the price of BTC remains bullish.
With a potential 90% chance of a Fed rate cut this month, this could boost the price of BTC and the broader crypto market in the coming days.
FAQs
Does Bitcoin go up when Gold goes up?
Debate and data suggest that BTC and Gold are correlated by a few percentage points, as the price of BTC has, on several occasions, attempted to catch up with Gold.
Is it better to buy Gold or Bitcoin?
Buying BTC or Gold depends on preferences; investors and traders have used both as a hedge against economic uncertainties and devaluation.
Is holding Gold better than cash?
Gold remains a haven against economic uncertainties and devaluations; thus, many traders and investors prefer to hold Gold.
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