Saturday, January 28, 2023

Bitcoin Should Push Higher, Gold’s Next Move Is Less Clear


I hate to say it, but I really like how has been shaping up. It’s a huge bullish base, and should it push well off $13,000 – – while it hardly makes rational sense – – it will be off to the races, in my opinion.

Bitcoin Chart

I have a much stronger fondness for good old , and I’ve been wondering if the sleepy precious metals were going to “catch up” to crypto strength lately. It’s really not clear. They sorta-kinda tend to move together, but looking at them plotted on top of one another, it’s hard to say what’s next.

BTC Chart

I used our new Correlation Study to try to divine something, but no dice. As you can see, correlation warbles from positive to negative with little rhyme or reason.

Bitcoin Chart

I can only return, once again, to the long-term chart of gold versus the M2. This just seems like a “lock” to me for a very positive future. As good as $BTC looks, I still would prefer something I can hold in my hot little hands.

GC Chart
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