Crypto trader and analyst Michaël van de Poppe says Bitcoin (BTC) is significantly undervalued when compared to gold, pointing to historical data that has previously marked major market bottoms.
In a series of market updates, Van de Poppe says Bitcoin’s valuation against gold is flashing a rare signal that has only appeared a handful of times in the asset’s history.
“This is the fourth time in history that the #Bitcoin valuation against Gold hits a RSI of 30.
The last three times:
- The low in 2015 bear market.
- The low in 2018 bear market.
- The low in 2022 bear market.
History shows that Bitcoin is extremely undervalued today relative to Gold.
It’s wise to buy.”
Van de Poppe also says recent strength in gold could be approaching a turning point, which may have broader implications for markets in the weeks ahead.
“The higher it goes, the more we get to a turning point, especially with the level of indicators we can see peaking everywhere.
Gold is doing great, but I think that this and next week are crucial for the upcoming months.
If it doesn’t accelerate, volatility is coming down, and we’re likely turning the tables.”
Despite geopolitical uncertainty, the analyst says Bitcoin’s current price structure remains intact and does not warrant panic.
“A lot of people are afraid of the current move in #Bitcoin.
I don’t think you should.
It’s still uptrending and holding above the 21-Day MA.
Things look shaky because geopolitics are escalating, but that doesn’t mean the price should move in that direction.”
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