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The price of Bitcoin recently dropped from $70,000 to $62,900 at the time of writing. Although the exact cause of the decline is unknown, it has affected the entire market. Meanwhile, an analyst drew attention by making a significant comparison between BTC and gold.
Analyst’s Bitcoin Commentary
A cryptocurrency expert examined the correlation between Bitcoin (BTC) and gold and shared an analysis. The analyst emphasized the potential impact of the precious metal on the next crypto bull run.
Crypto analyst CryptoCon shared a post on July 31, stating that historical bull markets in Bitcoin began during bear markets in gold.
Specifically, the bull run of Bitcoin in 2013 coincided with a bear market in gold that year. Similarly, in 2017, Bitcoin’s rise coincided with a gold bear market, and this pattern repeated in 2021, highlighting the inverse relationship between Bitcoin’s rise and gold’s decline.
CryptoCon’s analysis identified the duration from a gold bear market to the next significant market movement as 196 weeks and 213 weeks, reflecting a pattern in the timing of these market changes.
Critical Period for Bitcoin
It has been exactly 208 weeks since the peak of the last gold bear market in August 2020. Historical analysis suggests that the market is approaching more critical levels, indicating a significant change could occur soon.
Accordingly, CryptoCon’s analysis suggests that the upcoming gold bear market could bring a Bitcoin bull run.
Bitcoin bull market starts where the gold bear market begins. […] A significant change and Bitcoin bull run are imminent.
Indeed, Bitcoin and gold have been compared as value preservers from past to present. The prevailing view among Bitcoin advocates is that cryptocurrencies will replace precious metals and be known as ‘digital gold.’
As of today, gold has risen above $2,400 and continues its upward momentum. Notably, gold has gained significant value due to geopolitical tensions between Israel and Lebanon in the Middle East.
