CryptoQuant Claims ‘Bitcoin and Gold Are Moving in the Same Direction Again’, Warns of Peaks and Troughs! Here Are the Details
CryptoQuant claims that Bitcoin and gold are once again moving in sync, reviving the "digital gold" narrative. Their data shows the 90-day Pearson correlation coefficient between Bitcoin and gold has recovered sharply, exceeding 0.6, indicating strong positive price movement alignment. This contrasts with earlier this year when the correlation was negative, around -0.8, a period where gold rose while Bitcoin declined.
However, analysts warn of a potential short-term peak for Bitcoin. Using Elliott Wave theory, they suggest BTC is approaching a peak in the $66,317-$68,965 range. Following this, a deeper correction, possibly the final 'V' wave of a broader bear market structure, could begin. On-chain indicators support this downside risk, with MACD showing a bearish divergence and RSI moving into overbought territory despite higher prices, signaling weakening momentum. The next key support level in case of a drop is identified at $51,336.
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