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.
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.