Will Bitcoin Price Fall If Precious Metals Correction?
Many analysts expect that digital assets in particular will develop due to similar supply characteristics as precious metals. However, this could also lead to a catastrophic crash of the cryptos. The dollar has continued to decline and top financial analysts like Goldman Sachs and others are calling for an ultimate demise. The once so powerful currency is in danger of losing its status as a global reserve currency, which also has a domino effect on the global financial market. Stocks are currently stagnating a bit and waiting for news about the upcoming incentive before reacting.
The next round
Before the US government decided what the next round of economic activity would be, gold, silver and bitcoin exploded in recent weeks. Gold hit new highs, silver hit nearly $ 30 an ounce. Investors switched to these safe havens before more money came into the market. However, the dollar is already starting to rebound after hitting its lowest in two years, which has also seen a reversal in the past. Some technical signals are also pointing to a reversal. There may be profit-taking in silver and gold which could lead to a decline in the short to medium term. Should the cryptos continue to follow the precious metals, the fall of this could not turn out too well for Bitcoin and the rest of the world.