Bitcoin Surges 145% in a Year, Leaving Stocks and Precious Metals in the Dust - What's Next for the Cryptocurrency?

GMBStaff

 20 Nov 23

tl;dr

Bitcoin has outperformed all other assets in the past year with a 145% increase in value, surpassing stock markets and precious metals. The recent rally in Bitcoin has been beneficial for trend-followers, but the majority of gains were achieved through three big green weekly candles this year....

Bitcoin has outperformed all other assets in the past year with a 145% increase in value, surpassing stock markets and precious metals.

The recent rally in Bitcoin has been beneficial for trend-followers, but the majority of gains were achieved through three big green weekly candles this year. There is a likelihood of a final surge towards the 61.8% retracement, reaching around USD 48,000 to 50,000, followed by an expected deep pullback.

These impressive gains position Bitcoin as a strong contender in the investment world, proving its potential to deliver substantial returns. However, investors should be prepared for potential volatility and market corrections in the near future.

Overall, Bitcoin's performance serves as a testament to its value and potential as an alternative investment, especially against more traditional assets.