Bitcoin ‘Tends To Lag Gold By A Few Months’ And Is Destined For Upside, Says Expert
Charles Edwards, founder of Capriole Investments, sees a bullish outlook for Bitcoin (CRYPTO: BTC) driven by improving macro conditions and the impact of spot ETFs.
What Happened: In an interview on the Blockworks Macro podcast, Edwards highlighted that the market is at “the exact opposite point” of November 2021, when the Fed began aggressive rate hikes.
Edwards pointed to several bullish indicators, including Bitcoin’s strong correlation with US liquidity measures and gold’s recent breakout to new highs. “Bitcoin tends to lag gold by a few months,” he highlighted, suggesting Bitcoin could follow gold’s upward trajectory.
While Bitcoin has underperformed recently, Edwards attributes this to idiosyncratic factors like Mt. Gox-related selling pressure. He believes these headwinds are largely behind us, setting the stage for potential gains.
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