Featured image created with DALL.E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In the latest edition of the Capriole Investments newsletter dated August 20, 2024, Charles Edwards, founder and CEO, draws striking parallels between the current market behavior of Bitcoin and the historical performance of Gold, particularly during its 2008 rally. Bitcoin Mirrors 2008 Gold Rush Edwards points out that Bitcoin has been consolidating around $60K, echoing the pattern Gold followed before its significant rally. “Bitcoin is under pressure, mirroring the longest period of consolidation at any ATH in its history,” Edwards notes, suggesting that this could be a precursor to a significant breakout. According to him, this pattern closely mirrors that of Gold in the late 2000s, when it consolidated for nine months around its 1980 ATH before launching a significant two-year rally in 2008. Edwards elaborates on the technical similarities, noting, “Gold’s first significant consolidation post-ETF launch preceded a rally that saw its value climb by 180% in just over two years. Today, Bitcoin exhibits similar market behavior in the aftermath of its own ETF launches and consolidations.” Related Reading: Over 80% of Short-Term Bitcoin Holders Underwater \u2014 What This Means For BTC Edwards notes that during Gold’s consolidation phase in 2008, the asset underwent a -33% drawdown, eventually marking what many investors consider a generational bottom. Bitcoin\u2019s recent dip to $48,000\u2014a -33% crash\u2014strikingly aligns with this aspect of Gold\u2019s historical price action. “The July 2024 Bitcoin dip saw a -28% drop to $53K, and the more recent August 2024 dip mirrored Gold’s final plunge, falling a mere half a percent short,” Edwards states, highlighting the precision of these parallels. Based on these historical parallels, Edwards predicts that Bitcoin price could be \u201cripping straight to $140K with no dips by around May 2025.\u201d While he acknowledges that a single datapoint does not mean that gold\u2019s history has to repeat for Bitcoin, he believes that it is \u201cthe most comparable asset at the most comparable time in its history.\u201d Related Reading: Analyst Forecasts Bitcoin Bull Run Top With Historically Proven Indicator Despite the bullish signal from the historical and technical analysis, Edwards remains only cautiously optimistic. He acknowledges ongoing discrepancies in fundamental data signals and suggests a conservative stance until further bullish confirmations can be observed. “We are still awaiting the Monthly close; the conservative position would be to await further bullish confirmations (and potentially Q4) to fully clear what is typically the most bearish period of each calendar year for Bitcoin and risk assets,\u201d Edwards notes. If Bitcoin can close above the monthly support, Edwards sees a \u201cvery attractive technical setup.\u201d He concludes, \u201cI believe this period of market consolidation is coming to a close as we exit summer, and I maintain strong conviction that the next 12 months will be the best time out of the last 3 years to be allocated to this asset class.\u201d At press time, BTC traded at $60,712. Featured image created with DALL.E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":636688,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,656,679,1119,89185,1122,89124,60667,2209],"class_list":["post-636671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-capriole-investments","tag-charles-edwards","tag-gold"],"acf":[],"yoast_head":"\n
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Through his extensive work with shenyangcang.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/www.shenyangcang.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin On Brink Of Massive Breakout Like Gold In 2008: Hedge Fund 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