Glassnode co-founder Negentropic on Friday conducted a detailed analysis on whether Bitcoin (BTC) could potentially reach 98 times the price of gold.
What Happened: His examination revealed encouraging signs as key indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), both showed a bullish sentiment.
The RSI crossed the 50 mark, indicating possible upward momentum, while the MACD displayed a bullish crossover and demonstrated a continued upward trajectory.
Will #BTC reach 98X the price of #Gold
BTC-Gold ratio seems to be ready to fly. RSI rising and >50. MACD in Bullish Cross-over and Rising.
Fibonacci extensions gives the likely extension levels.
Will we see #Gold ~1200 and #BTC at ~120K
These levels are consistent with… pic.twitter.com/MjF9ILIsIf
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