Today, we see gold prices going up because of global risks. On the other hand, bitcoin is still around 33K - 34K as we discussed the importance of these price levels on InLEO. So far the market acts "indecisive" and the risk level is pretty high due to the global conflicts. It doesn't make sense to invest in a new position when there is no particular trend to follow when the price is around 33K.
I haven't entered any futures trades, hodling spot works better from my side. I hope to see Bitcoin stay around 33,000 and maybe go up to 40,000 as I would make a better profit realization. Meanwhile, Gold could move to $2,200-$2,300 if it exceeds its All Time High level with a strong volume! It might be possible to see both 40K BTC and $2200 - $2300 Gold if the global concerns keep growing.
For crypto, I cannot be strongly bullish because Quantitative Tightening is still happening. Briefly, no new money to buy my coin in a possible bull run. Rather, the current holders exchange their tokens from time to time 😅 Most probably, when we return to the 19-23,000 range from 40K or possibly from the current price levels, there will be more people to buy crypto in the case that interest rates start to go lower and QT operations are ceased.
However, the market will need a piece of really big bad news to drop that much because the support levels are getting stronger.
The volume is still unsatisfactorily low and the fact that QT is active and markets are red, I cannot be bullish in the medium term. Yet, 40K in the short term would not be surprising before the market tanks.
Right now, we see that Bitcoin's daily chart shows a negative image with the RSI indicator. This means that Bitcoin, which is being traded around 34,000, will likely test 33,000 again. If it stays below this, I expect it to go down to around 28,500. If it doesn't find support there, then it might drop to 25,500 and finally to the area between 23,000-19,000 where I want to buy a big amount of Bitcoin and altcoins as it can be the dip in crypto.
We are in an uncertain situation right now as the market is indecisive. It's hard to know which way Bitcoin will go. It could rise to the 40,000s for a while. A drop from 40,000 back to 23,000 would be positive for me. But nothing is clear yet for me.
Contrary to stock markets, gold has been going up. I expect gold's next level to be between 2,200-2,300 and it may come sooner due to war. Gold reached its highest level at around 2,080 and got support at 1,800-1,810 before going up in the last bullish leg.
Some technical analysts see an "Adam and Eve" formation in the chart of Gold, too. With a strong breakout from the ATH level, Gold may surprise all investors before 2024.
At least until 2024, global factors will play a big role. Many people will benefit from high interest rates and consider gold as a safe haven to put their money in. For Bitcoin, the short term might be bullish to 40K but then I do not think we can find fuel to go higher.
What do you think about Bitcoin and Gold's performance before 2024?
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