Bitcoin Breakout Confirmed, Has More Room Than Gold's Rally

Katie Stockton, founder of Fairlead Strategies, has stated that Bitcoin's rally still has more room to run compared to gold. In an interview on CNBC's 'The Exchange,' she explained that Bitcoin (BTC) has completed a proper base, while gold's bounce is a countertrend rally rather than a full trend reversal.

The difference between the two assets lies in how long each spent falling before turning higher. Stockton noted that BTC's longer-term oversold reading followed a more prolonged decline, giving it more time to complete a base. Gold's drop was shorter, leaving less room for its rebound to extend.

BTC has been on a sharp recovery, clearing its 200-day moving average and entering a breakout phase. Stockton described the basing phase that started in June and retested in July as 'almost precise.' The immediate follow-through after the breakout is helping confirm it.