Bitcoin To Outrun Gold, Analyst Says
There have been some pretty impressive moves in the price of Bitcoin lately as you probably know by now.
The king coin was able to smash through the FOMO-triggering level of $10k and then also managed to surpass $11k.
At the moment of writing this article, BTC is trading in the red, and the coin is priced at $11,235.21.
It looks like the prices of gold and Bitcoin (BTC) are surging.
“The precious metal hit an all-time high of above $1,950 an ounce this week, while its digital counterpart surged past $11,000, setting new highs since 2019,” the online publication the Daily Hodl notes.
Bitcoin to outperform gold
The same online publication mentioned above continues and notes that Ari Wald, head of technical analysis at Oppenheimer, said that investors may continue to hold on to their gold, but Bitcoin will likely outperform the traditional asset.
He explained on CNBC’s Trading Nation that Bitcoin still has more room to rally based on its price history.
— CNBC (@CNBC) July 28, 2020
Someone commented: “And here comes the mass FOMO of people who kept screaming bitcoin will go to zero, it has no value, etc.”
On the other hand, he said that gold hit the highest price back in July. Wald also thinks that the king coin is reversing the downtrend since the historical 2017 bullish moves which set BTC’s all-time high of $19,498.
There are various optimistic predictions about the price of BTC these days especially following the massive surges that the coin has seen lately.
Regarding the price of BTC and the upwards trend, it’s been also revealed that a resurgence of institutional participation and bearish sentiment around the dollar may power stronger gains over the coming months.
Stay tuned for more crypto price forecasts.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.