Market Analysis

Bitcoin Just Surged Past $9,700: What Do Analysts Think Comes Next?

from The Bitcoin News 3 years ago 0 0 802

“Increasing companionship with gold is a Bitcoin-price tailwind, in our view. At the highest-for-longest 52-week correlation and beta ever vs. the metal, the first-born crypto should continue to advance for reasons similar to gold, fueled by unprecedented global central-bank easing. Our graphic shows the Bitcoin-to-gold beta near 2x and the metal advancing toward an eight-year high.”

Adding to this, there have been reports from on-chain analytics firms that there has been increased accumulation as Bitcoin holders continue to not sell. This should result in higher prices, according to one on-chain analyst. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Just Surged Past $9,700: What Do Analysts Think Comes Next?

source: https://bitcoinist.com/bitcoin-just-surged-past-9700-what-do-analysts-think-comes-next/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-just-surged-past-9700-what-do-analysts-think-comes-next

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