BEARISH 📉 : Bitcoin nears bear phase as gold outperforms in current cycle

Bitcoin's (BTC) price is nearing a critical support level at $82,000, indicating potential weakness. Analyst Doctor Profit highlights the Gold-to-Bitcoin ratio as crucial for identifying market tops and bottoms.

Gold-To-Bitcoin Ratio Analysis

The ratio suggests Bitcoin peaks when 0.02 BTC equals one ounce of gold and bottoms at 0.11 BTC per ounce.
Currently, if gold is priced at $5,500 per ounce, this implies a potential Bitcoin bottom near $50,000.
Even with gold at $7,000 per ounce, the expected Bitcoin bottom could be around $63,000.

Bitcoin

Contrasting Views on BTC Market Phase

Technical analyst Michael van de Poppe suggests gold's strength might wane, redirecting capital to Bitcoin.
He notes Bitcoin's RSI against gold is at a historical low, indicating undervaluation.
Bitcoin's Z-Score, which compares market cap to realized cap, is lower than past bear-market lows.

Bitcoin

At present, Bitcoin trades at $83,435, experiencing declines of 2.2% over 24 hours and 7% over the week.