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Friday, August 28, 2020

Bitcoin Beating Gold in 2020

Bitcoin Beating Gold in 2020

BTC/USD COINBASE:BTCUSD

Jean Baptiste Pavageau, partner at quant trading firm ExoAlpha, says bitcoin’s recovery after gyrating $450 on Fed chair Jerome Powell’s comments Thursday continues a larger bullish cycle started earlier in the summer.

“After it’s recent fake breakout above the $12,000 resistance level , bitcoin saw a short-term trend reversal in its broader bullish trend started in June,” said Pavageau. “On the long-term the Fed’s comments are very positive for bitcoin and the crypto markets as a safe heaven because of their limited supply.”

For 2020, bitcoin is up 60% while gold is up almost 30%. Investors often refer to both safe haven assets.



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