Bitcoin continues to feel pressure in the market, while gold remains resilient. This article examines current conditions and expert opinions on the outlook for both assets.
Comparison of Bitcoin with Gold
Despite escalating conflicts in the Middle East, Bitcoin [BTC] slipped to $102K amid market crashes triggered by Israel's attack on Iran. Critic Peter Schiff claims this indicates that Bitcoin has hit a 'major top.' He noted that Bitcoin is now over 15% below its November 2021 peak when priced in gold.
Current Market Indicators
Despite Schiff's criticism, a composite of market cycle peak indicators, including ETF flows and valuation models like the MVRV Z-Score, show no signs of overheating. CoinGlass' Bull Market Peak Indicators also revealed that none of the 30 metrics showed signs of overheating, suggesting that current levels are a solid 'HOLD' despite regional tensions.
Bitcoin Outlook
Investor Ken Teng, known as Chicken Genius, believes that the U.S. will likely print more money to address its debt issue, which could propel Bitcoin higher. Glassnode supports Teng’s perspective, highlighting that the recent dip did not break key short-term support levels. 'Despite the recent pullback, Bitcoin remains above most major short-term cost basis levels,' experts noted.
Despite conflicting opinions and market tensions, current indicators do not support pessimistic forecasts. Bitcoin continues to be in the spotlight for investors.
