While Bitcoin experienced a retreat following the economic data from the USA, it continues its horizontal movements between $ 27,000-28,000.
At this point, some analysts expect a decrease in BTC, while some analysts say they expect an increase.
One of those expecting a rise was Glassnode co-founder Yann Allemann.
Comparing Bitcoin and gold, the analyst said that the BTC-Gold rate looks ready to make a significant jump.
Stating that this bullish feeling is supported by basic indicators, Allemann stated that RSI and MACD indicators also give a bullish signal.
In this context, Allemann stated that Fibonacci levels give possible levels for gold and BTC, and thinks that if gold is priced around $ 1,200, Bitcoin can rise to around $ 120,000.
“Will Bitcoin reach 98 times the price of gold?
The BTC-Gold ratio looks ready to soar. RSI is rising and MACD has crossed the 50 level.
According to these technical indicators, Bitcoin is in a Bullish Transition and Uptrend.
Fibonacci levels show possible price levels. In this context, will we see $ 1,200 in gold and $ 120,000 in Bitcoin?
Will #BTC reach 98X the price of #Gold
BTC-Gold ratio seems to be ready to fly. RSI rising and >50. MACD in Bullish Cross-over and Rising.
Fibonacci extensions gives the likely extension levels.Will we see #Gold ~1200 and #BTC at ~120K
These levels are consistent with… pic.twitter.com/MjF9ILIsIf
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) October 6, 2023
*This is not investment advice.
