Is Bitcoin Following Gold to New 2020 Highs?

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Is Bitcoin Following Gold to New 2020 Highs?
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Joe DiPasquale, CEO of BitBull Capital, while providing an update on the crypto market outlook discusses if bitcoin following gold to new 2020 highs.

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Q2 2020 hedge fund letters, conferences and more

Bitcoin, Alike Gold And Silver, Now Benefitting From COVID-19

"After a prolonged consolidation period spanning most of June and July, Bitcoin sprung into action and crossed the critical $10,000 level yesterday. This move has may interesting implications and is notably in sync with the rally seen in gold and silver, both of which are benefiting from COVID-19 driven stimulus packages.

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activist short selling Investing investThe LF Brook Absolute Return Fund lost -2.52% in the second quarter of 2021, compared to a positive performance of 7.59% for its benchmark, the MSCI Daily TR Net World Index. Year-to-date the fund has returned 4.6% compared to 11.9% for its benchmark. Q2 2021 hedge fund letters, conferences and more According to a copy Read More


As gold trades near its all-time high reflecting decreasing market confidence in current economic policies, Bitcoin appears to present an attractive alternative investment opportunity for investors.

Technical indicators also seem to back the recent price action, as Bitcoin broke upward following nearly two months of consolidation which saw support remain steady at $9,000. Now, $10,500 remains the next major resistance, after which we can easily see $11,000.

Market participants may want to follow the FED’s meeting on Wednesday for policy announcements and keep an eye on gold, silver, and equities to assess market sentiments. Meanwhile, Bitcoin FOMO is currently on display as BTC dominance is rising again and alts are posting losses as BTC rallies today. The FOMO, coupled with increasing volumes indicates that this rally may finally push Bitcoin to conclusively beat yearly highs."

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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