CandleFocus Bitcoin Has a Lot Going for It, Except the Persistent Slide in Copper-Gold Ratio
2024-10-28
Author: Content Editor
The copper-to-gold ratio, which is considered a proxy for global economic health and investor risk appetite, has been declining and reaching year-to-date lows. This decline is seen as a risk-off signal for assets, including cryptocurrencies like bitcoin (BTC). The ratio has dropped over 15% this year, the largest loss since 2018, and has fallen by 10% since China announced stimulus measures in September. Copper tends to perform well during economic expansions, while gold is considered a safe haven. The declining ratio suggests a potentially grimmer economic outlook that risk assets may be overlooking. Historically, BTC's best years have been correlated with an uptrend in the copper-to-gold ratio, casting doubt on bullish expectations for BTC reaching $100,000 by the end of the year.
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