Expectations of a rebound next year amid Bitcoin stagnation... Attention to the 'gold leading' pattern

Source: DecenterKorea Original Title: Bitcoin Stagnation Expecting Rebound Next Year… Attention to ‘Gold Leading’ Pattern [Decenter Market] Original Link:

As of 8 a.m. on the 31st, based on domestic cryptocurrency exchange data, Bitcoin(BTC) was recorded at 128.39 million won, up 0.86% from 24 hours earlier.

While Bitcoin(BTC) continues to hover around the $80,000 mark, there are forecasts that BTC could follow the sharp rise of gold this year next year. The prediction market also points to BTC as the asset with the highest return next year, fueling expectations.

According to global cryptocurrency market data as of 8 a.m. on the 31st, BTC was traded at $88,329.57, up 1.25% from 24 hours earlier. Ethereum(ETH) rose 1.05% to $2,965.54. Binance Coin(BNB) increased 0.88% to $860.43, and XRP(XRP) rose 0.99% to $1.87.

The domestic market shows a similar trend. On domestic cryptocurrency exchanges, BTC has risen 0.86% from 24 hours earlier to 128.39 million won. ETH is trading at 4.31 million won, up 0.68%, and XRP at 2,718 won, up 0.63%.

While BTC continues to hover around the $80,000 range for the long term, there are forecasts that BTC could follow gold’s sharp rise this year. Louis Arland, Portfolio Manager at Re7 Capital, said, “Gold has historically led BTC by about 26 weeks,” and analyzed, “Last summer’s gold correction phase is similar to the current stagnation in BTC.” This view is also reflected in prediction markets. Blockchain-based prediction platforms have betting probabilities of 40% for BTC, 33% for gold, and 25% for the stock market as the assets with the highest returns next year.

The CEO(CEO) of a cryptocurrency exchange also commented, “Currently, whales are accumulating in the spot market, while the futures market is seeing long and short speculation by individual investors,” and added, “As whales buy in the spot market and individuals gamble in futures simultaneously, trading activity increases, and after excessive leverage positions are liquidated, an upward trend may emerge.”

Cryptocurrency investment sentiment remains in a state of ‘extreme fear.’ The Fear & Greed Index from a cryptocurrency data analysis company decreased by 1 point from the previous day to 23 points. The index indicates that the closer to 0, the more the investment sentiment is subdued, while closer to 100 suggests market overheating.