Bulls are trying to push bitcoin to $29,000

Bitcoin not only managed to stay above $28,000, but also jumped to $28,586 today. According to Glassnode analysts, BTC could reach $33,000 in the current cycle.

The rally will become aggressive if the cryptocurrency breaks above $30,000 in the coming days. A similar situation was observed in April 2019. Bitcoin then made several short-term jerks, and it was able to reach its peak value in June.

The investment attractiveness of BTC is improving due to the high correlation of the digital currency and gold. Dessislav Ober, representing the research division of Kaiko, said that the correlation index of the main precious metal and bitcoin has reached 50%.

At the same time, the dependence of BTC on the US stock market, on the contrary, decreased to 20%.

The analyst emphasized:

This is a significant shift [усиление корреляции BTC и золота], because during 2022 both assets moved in different directions most of the time. As a result, bitcoin was not seen as a safe-haven asset at all.

The situation changed dramatically in 2023 against the backdrop of the banking crisis in the United States. Many investors have switched back to gold. The second most attractive instrument was BTC, Ober noted.

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