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📊 Comparison of $BTC and $XAU charts.
These assets tend to be inversely correlated, as gold is considered a safe-haven asset, while cryptocurrencies are considered high-risk. Therefore, when gold rises, $BTC and tech stocks fall.
But there's another interesting fractal: typically, about 90 days pass between the start of a gold price move and the start of a Bitcoin price move. Gold has currently been rising for over 65 days, indicating a cryptocurrency market rally in December.
Outflows from the $BTC and $ETH spot ETFs have intensified significantly. Investors are panicking and exiting the market. Long-term investors are partially taking profits. BTC has fallen sharply, as has the overall market.
Many are declaring the end of the bull cycle and the beginning of a collapse in the US banking sector. Altcoins has lost over 50% across many coins. The market is in chaos and panic. The chain looks like this: Alta is correlated with ETH and $BTC, ETH is correlated with BTC, which mirrors the negative correlation of funds and is falling amid the rise of gold and the entire safe-haven asset sector.
Altseason Index has also bottomed, as has the Fear/Greed Index. Many instruments point to a market rally in late November and early December, but it's hard to believe so far.