This chart is the price of an ounce of gold denominated in Bitcoins. BTC has outperformed most assets, if not all assets over its brief existence, so it is obvious the chart would trend downwards.
There are two points I am trying to emphasize, that I believe can help us predict a bottom/top.
1. The top Bollinger Band has been a pretty accurate predictor of the BTC Bottom in past cycles and if this cycle is anything like the ones before means we have either seen a bottom or we might get another wick above the top BB before we resume the upward trend.
2. Notice how the bottom Bollinger Band extends off of the screen, which imo is an indication of increased volatility (bull market/euphoria phase). The next time we see see this happen will likely be an indication that the Bull run is already underway and you should be looking to scale out of a position.
Assuming investors look at BTC and Gold as a similar systemic hedge, I believe this trend will continue into the future and BTC will continue to steal market share away from the "gold narrative"
There are two points I am trying to emphasize, that I believe can help us predict a bottom/top.
1. The top Bollinger Band has been a pretty accurate predictor of the BTC Bottom in past cycles and if this cycle is anything like the ones before means we have either seen a bottom or we might get another wick above the top BB before we resume the upward trend.
2. Notice how the bottom Bollinger Band extends off of the screen, which imo is an indication of increased volatility (bull market/euphoria phase). The next time we see see this happen will likely be an indication that the Bull run is already underway and you should be looking to scale out of a position.
Assuming investors look at BTC and Gold as a similar systemic hedge, I believe this trend will continue into the future and BTC will continue to steal market share away from the "gold narrative"