Bitcoin Price Looks Like a “Carbon Copy” of Gold, and That’s Bad for Bulls
As Investopedia explains:
Bitcoin’s price action from the March lows until today, according to a top trader, is almost identical to that of gold from the March lows. According to charts shared by the trader, who said that Bitcoin’s price action is a “carbon copy” of gold, BTC could soon fall towards the $8,000s to match gold’s price action.
The expectations that Bitcoin will fall towards the $8,000s have been echoed by another trader, who said that BTC’s recent price action looks much like a schematic outlined by technical analyst Richard Wyckoff. The trader said in reference to Bitcoin’s bearish rejection at $10,500 earlier this week and how it looks like a Wyckoff pattern: “Volume-wise I can’t look past distribution up here given the reaction to the high sweep.