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Since the 2024 U.S. Presidential elections, gold has lost 5% of its value, while Bitcoin (BTC) 
$104,616 has surged by 30%. According to QCP Capital, this shift indicates a growing interest in Bitcoin, often referred to as “digital gold.” The trend is viewed as a structural shift as capital flows from traditional safe havens, particularly gold, towards Bitcoin.
Bitcoin’s Market Value Rapidly Increases
Bitcoin’s market value has reached $1.73 trillion, surpassing the value of silver. However, it still lags significantly behind the $17.5 trillion gold market. QCP Capital analysts predict that if just 1% of capital flows from gold to Bitcoin, the leading cryptocurrency could soar to a value of $97,000.
This situation presents a significant opportunity for investors and reinforces Bitcoin’s narrative as “digital gold.”
QCP Capital analysts view the current volatility in Bitcoin’s price as a sign that capital flows are shifting. They note that gold is losing its former allure as a safe haven, positively impacting Bitcoin.
Investors Focused on $110,000 and $120,000 Levels
As Bitcoin trades just below the critical $90,000 level, the premium on November futures has exceeded 18%. This increase reflects heightened demand for positions at higher price levels. Notably, there is significant interest in long options at the $110,000 and $120,000 levels, indicating that investors are preparing for a potential upward movement by requesting more margin and leverage.
Currently, Bitcoin is trading at approximately $87,100, marking a 6.03% increase over the past 24 hours. The leading cryptocurrency’s market capitalization stands at around $1.72 trillion.
