Commodities
Bitcoin's Macro Hedge Appeal Revives $90K Target
The Bitcoin price has been consolidating below $90k, but some analysts believe that a catalyst may be in place to push the price higher.
A key factor is the BTC/Gold ratio, which is pushing higher and looks ready to break above a significant level. This would be the second time since the rotation started in mid-August.
Jurrien Timmer, Director of Global Macro at Fidelity, highlighted this shift: 'I continue to like exposure to both gold and Bitcoin, but especially Bitcoin looks interesting to me at these levels.'
The BTC/XAU ratio has ended Q3 up 37%+ higher, making it the best quarterly gain since the Q4 2020 election-driven rally. This suggests that Bitcoin's macro hedge appeal is putting $90k back in focus.