Bitcoin Has Never Been This Oversold vs Gold
ByteFolio Issue 198;
Bitcoin鈥檚 ByteTrend Score remains zero but has not made a new low.
Bitcoin
As highlighted in the chart below, the 200-week moving average captures the four-year cycle, assuming there is such a thing. While the short-term trend is weak, the long-term trend is strong with an IRR of 35%. It is also clear that the price sits at the important support level associated with the 2021 highs, the US election, and the launch of the Bitcoin ETFs in the USA. We should not underestimate this.
Bitcoin 200-week Moving Average
Of course, Gold is smashing it, while Digital Gold lags. Bitcoin has never been this oversold versus Gold in history. Contrarians should take notice.
Bitcoin versus Gold
Investors claim to be concerned about the quantum threat. More likely, tech is weak, and Bitcoin is tech. Tech is not dead, and neither is Bitcoin. The hash rate just jumped by 15%, and this wouldn鈥檛 happen if there weren鈥檛 committed capital to the network. There is, and while Bitcoiners are down in the dumps, it is right to remain optimistic.
Total Bitcoin Hash Rate
ByteFolio Performance
