May 13, 2021

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, they We 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.

Tech analysts: bitcoin and gold are preparing to simultaneously update highs
Coindesk [email protected]

#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

Tech analysts: bitcoin and gold are preparing to simultaneously update highs
Tech analysts: bitcoin and gold are preparing to simultaneously update highs
3713: 14-19 Feb 2020 Twitter Advertising Information and Privacy

Watch other CoinDesk Markets tweets

At the same time, the implementation of the Pennant trend continuation pattern is visible on the daily gold chart:

Tech analysts: bitcoin and gold are preparing to simultaneously update highs
Coindesk [email protected] 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.

Tech analysts: bitcoin and gold are preparing to simultaneously update highs
1913: 37-19 Feb. 2020 Twitter Advertising Information and Privacy

Watch other CoinDesk Markets tweets

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 becoming 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, Bitcoin and gold will grow amid geopolitical tensions, said Galaxy Digital CEO Mike Novogratz.