Bitcoin is still in line for a breakout, analysis concludes, as short-term weakness sees BTC price fall below $22,500. Are you bullish on BTC?
“When you lag the gold price, it’s easier to see. Bitcoin tends to top between 0–6 months after gold and bottom 0–3 months after gold. This gap is approximate and will likely close with time.”Bitcoin’s correlation to gold stood at practically 100% on the day.Conversely, Kaleo hoped for a “decoupling” from the S&P 500, with Bitcoin primed to break out to the upside.
“BTC broke out above HTF resistance dating back to the November '21 ATH ~two weeks ago,” a further tweet stated. “It looks like it’s about to continue that trend, as it’s currently on the verge of breaking out of a pennant it’s been accumulating in above support.”The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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