Tech analysts: bitcoin and gold are preparing to simultaneously update highs

According to CoinDesk Markets analysts, bitcoin and gold may soon update 2020 highs.

In particular, theyWe are sure that the exit of the BTC price from the downward expanding wedge will make it possible to pass the level of $ 10 500.

CoinDesk Markets@CoinDeskMarkets

#BTCUSD

Back above $ 10K

Is it forming a head and shoulders on 4H chart?

Prices still trapped in a descending broadening wedge. Breakout would expose $ 10.5K

3713:14 — 19 Feb. 2020Twitter Advertising Information and Privacy

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At the same time, the daily chart of gold shows the implementation of the “Pennant” trend continuation pattern:

CoinDesk Markets@CoinDeskMarkets Reply to @CoinDeskMarkets

#GOLD

Pennant breakout on daily

Could set new 7-year high above $ 1,611 (Jan. high)

Bitcoin developed stronger 1-month correlations with gold according to Kraken's Jan 2020 volatility report.

1913:37 - 19 Feb. 2020Twitter Advertising Information and Privacy

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Now gold is testing the January maximum at around $ 1,611 and, analysts are sure, can soon reach new heights.

A recent Kraken report states that Bitcoin is increasingly emerging as a defensive asset:

“The correlation withUS gold, oil and treasury bonds suggest that the Iran-US conflict and the outbreak of coronavirus affected Bitcoin, confirming the thesis that it is an alternative to traditional financial assets at risk "

Earlier, Galaxy Digital CEO Mike Novogratz said that Bitcoin and gold would grow amid geopolitical tensions.