CandleFocus This Data Does Not Signal Well for Bitcoin (BTC)! $100K May Be a Dream!
2024-10-28
Author: Content Editor
Bitcoin reached a new all-time high of $73,600 in March 2024 after the approval of spot Bitcoin ETFs. However, it could not sustain the rally and entered a downtrend. Analysts suggest that the approaching US elections and a potential victory for pro-crypto candidate Donald Trump could be positive for Bitcoin. They also expect a Fed rate cut to support Bitcoin. However, the falling copper-gold ratio raises concerns as it is seen as a risk aversion signal. Historical data shows that Bitcoin tends to fall when the copper-gold ratio declines. This casts doubt on the possibility of Bitcoin reaching $100,000 by the end of the year. Bitcoin is currently trading at $68,300.
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