- Analysts: Limited Bitcoin Price Upside
- Stock Correlation to Return by 2025
- Analysts Warn of Potential Dip
On August 16, Bitcoin's price disappointed at the Wall Street open, while gold reached new record highs.
Analysts: Limited Bitcoin Price Upside
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD surfing a $1,500 range throughout the day. Despite avoiding a retest of the $56,000 lows, Bitcoin failed to impress market observers. 'The fact BTC will not go up on good news is probably more telling than people wish to accept,' noted DecenTrader co-founder Filbfilb. Gold and equities are currently outperforming Bitcoin, with gold hitting a new all-time high of $2,500.
Stock Correlation to Return by 2025
Into the Cryptoverse CEO Benjamin Cowen compared BTC's price action to previous market cycles. 'As a reminder, in 2019, also a year that the Fed cut rates, BTC diverged from SPX as well,' he wrote in a post. Cowen predicts the positive correlation between the assets will return by 2025.
Analysts Warn of Potential Dip
Longtime Bitcoin analyst Tuur Demeester believes a further pullback is possible. 'A pullback to $45k isn't unthinkable, especially if we see a big selloff in the stock markets,' he warned.
Analysts note that further price fluctuations for Bitcoin are possible. Readers should consider the risks and conduct their own research before making investment decisions.
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