Bitcoin Surges Past $28,000 – Gold Prices Are Dipping
The world's largest cryptocurrency, Bitcoin (BTC), is surging as we enter Q4 2023, with its price gaining over 4% and surpassing $28,000.
This surge has propelled Bitcoin above its 200-day moving average, setting a target of $31,000.
Meanwhile, gold prices have dipped to a two-month low due to the strengthening US Dollar, defying expectations of being a safe haven asset.
Bitcoin is emerging as a new safe haven, consistently gaining ground on gold over the past decade, with its price up over 16-fold compared to gold. However, gold’s market size remains significantly larger at $13 trillion compared to Bitcoin’s $500 billion market capitalization.
The question remains: How long will it take for institutional investors to shift from gold to Bitcoin? 2023 has been a favorable year for BTC, with lower bearish trends compared to the past decade, indicating market stability.
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The timeline for institutional adoption remains uncertain, but 2023 has been a relatively stable year for Bitcoin.
The 1-day technical analysis from TradingView paints a really bullish picture. The summary shows “strong buy” santiment with 16 signals and moving averages point to “strong buy” with 14 signals. Oscillators stay neutral at 8.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
