Bitcoin's value relative to gold has reached a critical support level, trading at 20 ounces of gold for the first time since early 2024. This marks a potential bottom, as Bitcoin's three-year uptrend against gold appears nearly lost. Analyst Michaël van de Poppe suggests a bullish comeback is possible, noting that Bitcoin is undervalued compared to gold, which he believes is overvalued. The weekly relative strength index (RSI) for Bitcoin against gold has dropped to 29.5, indicating oversold conditions not seen in nearly three years. Van de Poppe highlights a bullish divergence on the daily RSI, suggesting potential upside in the short term. However, some analysts warn that a failure to maintain the 20-ounce support level could lead to further declines, reminiscent of past bear markets.
Bitcoin Nears Three-Year Low Against Gold, Analyst Predicts Rebound
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