Bitcoin can follow the pattern of gold fractals, a fall to a price of 100 million rupees may occur

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Bitcoin can follow the pattern of gold fractals, a fall to a price of 100 million rupees may occur

Bitcoin can follow the pattern of gold fractals, a fall to a price of 100 million rupees may occur

Bitcoin has long been regarded as the digital version of gold, which has long been used as a storehouse of wealth, transfer value and has many attributes also held by Bitcoin, such as scarcity.

The price of bitcoin also closely followed the fractal found on the gold price chart. If the Bitcoin price action continues to follow these divides, a downside risk could occur for BTC, due to this market capitalization and the transformation into gold of the digital partners.

Digital Gold - This is one of the many stories given to Bitcoin (BTC) because this first crypto asset shares many attributes with the precious metal.

Both can be used to store value, have been used as transactional currencies and, more recently, Bitcoin has been designated as a safe haven such as gold because of the scarcity of hard-coded digital devices and limited inventory of only 21 million BTC. in the world.

In recent weeks, cryptographic assets, which were first introduced in the investment world, provided investors with a 300% profit from the recent peak, and strengthened in the discussions on safe havens against global growth and economic growth. turmoil .

At the time of the press, the price of bitcoin had dropped by 5.4% to 143 million rupees, according to Indodax.

It is even said that bitcoin is the best hedge asset against the government and traditional finance, which even beats gold.

And while fears over the impending global recession - the largest in the modern world to date - are echoing in both Bitcoin and Gold, prices have begun to rise, giving " more confidence that Bitcoin is a safe haven ".

Investors are watching Bitcoin closely and gold has produced the fractals found in the Bitcoin price chart. After the gold price peak in mid-2011, just as the Great Recession of 2008 began to subside, bullish interest continued to enter gold and generated three additional peaks, all around same price and slightly lower than the highest peak.

The price of bitcoin reached a record level of 199 million rupees in 2019 and generated additional peaks of around 170 million rupees each, which corresponds to a gold fractal. But what is described next may scare investors crypto!

After the last gold spike before the sharp decline, the price of gold was around $ 1,800 ($ 25 million) per ounce.

The decline after the peak pushed precious metal prices down to levels close to $ 1,000 (14 million rupees), a decrease of 44%.

If Bitcoin continues to follow the same gold fractal, a 44 percent drop from the last peak at 174 million rupees will push the BTC price below 100 million rupees to about 90 to 95 million rupees, a dangerous reduction that creates fear and widespread panic and will cross the crypto market in trouble! Let's wait and see.
Baca Juga

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