In this image, there are two lines,


one is BTC/Gold and the other is ETH/USD,
and they have completely overlapped over more than 5 years of history.
In other words, BTC is actually the result of two different properties combined: part gold, part crypto.
Its crypto property has been hit hard over the past 9 months. But the gold property has experienced huge gains over the same period.
That's why its bottom won't go to 30k as everyone expects. Its gold property provides strong support, so even if BTC/Gold retraces 75% like in past bear markets, the bottom of BTC/USD would still be around 60k, not 30k.
Unless both gold and crypto properties are falling, like in 2022.
BTC0.28%
ETH0.65%
GLDX-0.14%
PAXG0.06%
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post-image
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