Charts suggest Bitcoin is maintaining support and preparing for another push towards a new high

Unleashing the Power of Bitcoin and Gold in Your Investment Portfolio

As an investor, you are constantly seeking opportunities to maximize your returns and grow your wealth. In today’s dynamic market environment, understanding the correlation between different assets can be the key to unlocking new investment opportunities. At Extreme Investor Network, we pride ourselves on providing our members with cutting-edge insights and analysis to help them navigate the complex world of investing.

One asset class that has been making waves in recent years is Bitcoin. Despite a recent pullback in the market, our expert analysis suggests that Bitcoin may be gearing up for a bullish move. With support possibly forming in the $59k – $49k zone, we are optimistic about the potential for Bitcoin to break through the $65k – $73k resistance zone and soar to new all-time highs.

Related:  Ether ETFs expected to launch six months after debut of bitcoin funds on Tuesday

In fact, we recently added a 2% holding of the new iShares Bitcoin Trust (IBIT) to our Tactical Alpha Growth portfolio at Inside Edge Capital. This strategic move reflects our confidence in Bitcoin’s long-term growth potential and our bullish outlook for the cryptocurrency.

But it’s not just Bitcoin that has caught our attention. Gold, often referred to as “digital gold,” has been exhibiting a close positive correlation with Bitcoin. This unique relationship is driven by their inverse correlation to US bond yields, as illustrated in our 3-chart overlay analysis. As inflation expectations persist and the Fed holds off on rate hikes, both Bitcoin and gold could see a significant uptick in value.

Related:  Using the New High List to Trade Stocks

As we analyze the performance of Bitcoin relative to gold, it’s clear that Bitcoin has significantly outperformed gold in recent years. This trend is further supported by a weekly ratio chart of bitcoin/gold, which suggests that Bitcoin’s dominance over gold is poised to continue.

In conclusion, as we remain bullish on the stock market, we see tremendous potential in both Bitcoin and gold. By leveraging the synergies between these two assets and carefully monitoring US interest rates, investors can position themselves for optimal returns. At Extreme Investor Network, we empower our members with the knowledge and insights they need to make informed investment decisions and seize opportunities for growth.

Related:  Forecasting Bitcoin Prices: Bull Pennant Pattern Hints at Potential Upside Targets

Invest with confidence and stay ahead of the curve with Extreme Investor Network. Join us today and unlock the full potential of your investment portfolio.

Source link