Bitcoin’s next move could crush gold bulls, warns top economist
Bitcoin (BTC) may be on the verge of a powerful rally that could temporarily dethrone gold as investors rotate capital into the largest cryptocurrency, according to economist Henrik Zeberg. His technical Analysis suggests the Bitcoin-to-Gold ratio is poised for a parabolic rise before hitting a major top, a move that could leave gold bulls nursing losses in the short term. In an X post on October 27, Zeberg’s Analysis noted that Bitcoin’s strength relative to gold is forming an extended Elliott Wave pattern, currently entering what appears to be the fifth and final wave of a multi-year cycle. Bitcoin – Gold ratio chart. Source: TradingView The pattern implies that Bitcoin could outperform gold significantly in the coming weeks, pushing the BTC/Gold ratio toward the 1.618 Fibonacci extension, a level historically associated with market euphoria and exhaustion. To this end, Bitcoin’s relative value to gold is projected to surge toward the upper boundary of...