In the past hours, the economic growth data of the USA were announced. After the data that came above the expectations, the latest situation in the Bitcoin and gold market is as follows…
US economic growth figures announced
The U.S. Department of Commerce released the leading figures for Gross Domestic Product (GDP) for the period of October-December 2022. Accordingly, the US economy data grew by 2.9% in the fourth quarter, above the expectations. Despite the recession concerns, the US economy, which grew more than expected, was expected to grow by 2.6 percent in the said period.
The announced data has an impact on the US central bank Fed’s rate hikes. Higher-than-expected economic data will be decisive at the Fed’s meeting on January 31 – February 1.
Latest situation in gold and bitcoin
BTC price has been selling for a while amid positive economic data. Although the leading crypto exceeded $ 23,000 during the day, it could not maintain its permanence. It is currently trading at $23,019.40, up 1.8% from the last 24 hours. After initially falling after positive economic data, it provided some recovery.
“This data is of great importance as it is the first striking tangible data from the US since the January 6 Nonfarm Payrolls,” said David Stritch, currency analyst at Caxton.
The gold market also continues its sideways movements. Under the gram, it is currently trading at around $1,165 just below the top. The ounce gold price is also around 1,926.5, down 1% in the next 24 hours. As Kriptokoin.com, we have included the current gold price predictions in this article.
“Bitcoin could break $50,000 if gold correlation continues”
TechDev, the analyst behind the forecast, presented a new high BTC price target tied to XAU/USD in a Twitter update during the day. As the debate continues over how much Bitcoin will compete with gold, bullish price purchases are surfacing. TechDev’s view is more optimistic than other analysts, according to the analyst, Bitcoin may even break the $ 50,000 resistance.
The chart below compares BTC/USD against gold to the US Dollar Index (DXY). Continuing a previous narrative, TechDev hinted that the precious metal could be ahead of Bitcoin in terms of recovery.
If Bitcoin continues to chase gold relatively, the result could be game-changing for the bulls. According to data from TradingView, XAU/USD is up 6.1% year-to-date and is already 39% well below BTC/USD. According to TechDev, Bitcoin now has a chance to surpass not only $30,000 but even $50,000.
Even gold fanatics, traditionally distant from Bitcoin’s allies, are watching a new halcyon era for the precious metal’s own fortunes. Goldmoney head of research, Alasdair Macleod, put geopolitics at the forefront in his forecast this week, predicting a massive increase in gold-based trade in Russia, China and Asia.
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