Following a more than 4% increase in the past 24 hours, the price of Bitcoin (BTC) has reached $84,300 and is trying to reclaim the $86,000 resistance. However, the current upward trend lacks strength, and investors remain concerned about major economic factors and US trade policies. While Bitcoin tries to maintain its upward trend, gold has once again caught investors’ attention and for the first time in history crossed $3,000. Economic uncertainties, new trade policies, and increased central bank gold purchases are among the factors that have driven up the price of this precious metal. Examining the Bitcoin to gold ratio shows that for the first time in 12 years, it has lost a significant support level. This indicates that Bitcoin, unlike in past years, has a weaker performance against gold. Peter Schiff, a staunch Bitcoin critic, recently analyzed the Bitcoin to gold ratio and came to interesting conclusions. Schiff said: Currently, one Bitcoin equals 27.7 ounces of gold, but at its peak in 2021, it was equivalent to 36.3 ounces of gold. This means that in terms of gold, which is considered real money, the price of Bitcoin has decreased by 24%. Therefore, Bitcoin has been in a hidden bear market for the past three and a half years. The current pattern of Bitcoin to gold ratio closely resembles the pattern from March 2021 to March 2022, a pattern that ultimately led to a 68% drop in Bitcoin price. If this pattern repeats, the possibility of Bitcoin price plummeting to lower levels, including $65,000 or even $34,000, exists. On the momentary digital currency price page, you can see the prices of all tokens and cryptocurrencies live and in real-time.
