“What If Bitcoin Continues to Follow Gold / DXY?”: Crypto Analyst

• TechDev revealed a chart via Twitter showing how BTC is following Gold/DXY trend’s.
• If BTC will continue to rally and follow Gold it may reach $38,500, says TechDev
• BTC shows more resilience during adverse times while Gold shows better recovery.

Crypto Analyst TechDev brought a hypothetical scenario in his tweet and questioned the crypto community “What if #Bitcoin continues to follow Gold / DXY ?”. The analyst makes a comparison of BTC’s path with Gold via a chart.

Moreover, according to his view, as BTC has followed Gold’s footpath, there is a possibility that BTC surges past $38,500, given that it follows Gold footprints further.

When the accumulation phase of both BTC and Gold is considered from 2017 up until the red dot marked on the chart, it could be seen that BTC’s gradient was higher than Gold. This indicates that BTC reached greater heights compared to Gold within the same span of time.

Considering the time period from the red dot to the blue dot marked on the chart, it could be observed that BTC was more resilient than Gold. This notion could be supported by the fact that BTC moved sideways when the price of Gold was tanking gradually.

Scrutinizing the next phase from the blue dot to the green dot, it could be found that both of the assets showed an exponential rise. However, Gold showed more strength on its way up whereas BTC showed some lag as it moved sideways on its parabolic curve.

When the green dot to the yellow dot time frame is considered, both assets displayed similar behavior. They gradually descended. However, just after Gold reached its support level, it plummeted. Contrastingly, BTC was consolidating even after crashing below its support level.

After suffering that heavy reduction, Gold is currently recovering well and has overtaken the support level that it fell from. However, BTC is still moving sideways and is looking for support from the bulls to push it above the support level that it fell from.