Bitcoin (BTC) has yet to hit an all-time high compared to the S&P 500, gold, and other assets — but it’s just a matter of “when,” not “if.”
In a post on X on November 15, Caleb Franzen, founder of financial research resource Cubic Analytics, predicted that BTC is about to outperform in price.
Bitcoin's Macro Boom Hasn't Come to pass yet
Bitcoin may have hit $93,500 and gained nearly 50% in Q4, but compared to many macro assets, BTC’s price explosion has yet to materialize.
Franzen notes that the S&P 500 and Nasdaq 100 indexes have yet to be beaten by Bitcoin — the same is true for the NYSE FANG+ tech stock index and gold.
“It's just a matter of when, not if,” he predicted.
BTC vs. S&P500, gold. Source: Caleb Franzen/X
For US stocks, the pivotal moment in Bitcoin's history was early 2021, even before BTC/USD hit an all-time high of $69,000, a record that had stood for more than two years.
Despite the record breaking USD, Bitcoin is still trying to set new all-time highs across the macro asset spectrum.
Last week, Bitcoin News reported that the market is currently bullish on gold, which has been ahead by several months in setting a new all-time high record in USD terms.
At the time, Charles Edwards, founder of digital asset fund Capriole Investments, predicted a “rapid revaluation” as BTC/USD broke out of its old framework.
Edwards then shared a long-term chart of gold's boom in the 2000s after spending two decades below its previous all-time high from 1980. BTC/USD, he suggested, could do the same.
XAU/USD vs BTC/USD. Source: Charles Edwards/X
BTC bears warn of “at least” $72,000
In a dramatic alternative view, a prominent but increasingly infamous Bitcoin trader is now hinting that a crash in risk assets is due.
On November 15, Crypto's Il Capo returned to his Telegram channel with a photo showing that he expected a black swan event to occur.
Although no comment was made, the post quickly went viral on social media, with users recalling Crypto's Il Capo's $12,000 BTC price target, among other things.
As TinTucBitcoin reported, bearish views on Bitcoin continue to emerge, with trader Credible Crypto recently calling for a price of $50,000 or lower for the pair.
In its latest analysis on X, Credible Crypto flagged $72,000 as a downside target to watch.
“If we hit the high at 93.8K in a clean move and explode past 100K+ then our 72K and below potential won’t last until the next bear market,” he wrote, along with illustrative charts.
“If we instead sweep our highs and fail to make a final sub-wave 5, it implies that this move is indeed corrective and increases the likelihood that we will retest 70-72K AT LEAST more times.”
BTC/USD 1-hour chart. Source: Credible Crypto/X
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