As gold prices hit historic highs, analysts show significant divergence on the correlation between BTC and gold
With the expansion of global liquidity and the intensification of fiscal risks, gold prices surged over 6% in just 10 days, once exceeding $3,500, sparking differing opinions among analysts regarding the correlation between gold and Bitcoin.
Supporters believe that gold will lead Bitcoin to a breakthrough; however, critics argue that the rise in gold will put pressure on cryptocurrencies.
Analyst Alpha Extract pointed out that when global liquidity increases, it is often accompanied by rising gold prices, during which BTC usually enters a consolidation phase, and vice versa.
The main factors driving the recent surge in gold prices include concerns about the independence of the Federal Reserve, fiscal policy risks, and rising yields on 30-year government bonds in global markets.
Despite the current inflation rate being above the target level of 2%, the Federal Reserve is still considering interest rate cuts, indicating that the pressure on the entire financial system is intensifying.
Macro analyst Martyparty stated that gold and global liquidity are leading in the current cycle, with Bitcoin following closely behind. If history repeats itself, once gold prices stabilize, Bitcoin may benefit.
However, Bitcoin skeptic Peter Schiff believes that the rise in gold comes at the expense of Bitcoin. He argues that breakthroughs in gold and silver prices are a major negative for Bitcoin.
In summary, while some analysts view gold and Bitcoin as complementary hedging tools, others see them as competitors vying for safe-haven funds.
According to former Coinbase executive Balaji Srinivasan, as the dollar's share in global reserve currencies declines to 42%, this trend has also driven the continuous rise in gold prices, indicating that BTC may become the next growth point in the market.
Overall, in the context of increasing global liquidity, rising fiscal risks, and the weakening position of the dollar, gold and Bitcoin as safe-haven assets may play a key role in the future financial landscape.
These views have once again sparked discussions in the market regarding the relationship between the trends of gold and Bitcoin. Whether the movements of the two will diverge or align in the future will become a key observation window for global capital flows and risk preferences.
