The battle of the best storage of wealth.
BTC has had a fantastic year so far, with the crypto market becoming mainstream and king crypto leading the way in consistent gains and publicity. Coinbase was the most downloaded app on the iTunes app store momentarily this week and every taxi driver on the road is having a flutter on the crypto markets. With this in mind, it's very risky to short sell the strongest bull market in recent history however the overextended price gives reason to take profit and whales to sell onto the new breed of retail crypto trader. We've also historically seen a large amount of volatility during this time of the year.
XAU has had a far less exciting time than BTC with a lot of traders flocking to the crypto space. However now BTC futures are starting on numerous exchanges, it would make sense for traders to short sell BTC (due to its crazy price action), prompting a pullback on BTC. As there have been many new crypto investors we could see a lot of panic selling, making this pullback fast and deep. With the media screaming tulips, many traders could move money back to the more conventional storage of wealth and XAU could get a nice bounce to complete its wave B. Due to the faster pace of BTC, we'd see a completed 4th wave in the same time XAU completes a quarter of its B wave.
If this happens and BTC and XAU correlate, we'd see XAU move to triple figures whilst BTC would complete it's 5th wave and move beyond $20,000 / $30,000 and BTC would overtake XAU as the best storage of wealth, and continue to disrupt its market share.
BTC has had a fantastic year so far, with the crypto market becoming mainstream and king crypto leading the way in consistent gains and publicity. Coinbase was the most downloaded app on the iTunes app store momentarily this week and every taxi driver on the road is having a flutter on the crypto markets. With this in mind, it's very risky to short sell the strongest bull market in recent history however the overextended price gives reason to take profit and whales to sell onto the new breed of retail crypto trader. We've also historically seen a large amount of volatility during this time of the year.
XAU has had a far less exciting time than BTC with a lot of traders flocking to the crypto space. However now BTC futures are starting on numerous exchanges, it would make sense for traders to short sell BTC (due to its crazy price action), prompting a pullback on BTC. As there have been many new crypto investors we could see a lot of panic selling, making this pullback fast and deep. With the media screaming tulips, many traders could move money back to the more conventional storage of wealth and XAU could get a nice bounce to complete its wave B. Due to the faster pace of BTC, we'd see a completed 4th wave in the same time XAU completes a quarter of its B wave.
If this happens and BTC and XAU correlate, we'd see XAU move to triple figures whilst BTC would complete it's 5th wave and move beyond $20,000 / $30,000 and BTC would overtake XAU as the best storage of wealth, and continue to disrupt its market share.