Steven Innes, the head of trading department at Oanda, is convinced that a further decrease in Bitcoin to $ 3000 will lead to a significant increase in the price of gold, reports The Times of India .
“There are still a lot of people in the game. If bitcoin collapses, if we see movement in the direction of $ 3000, people will start to go out en masse. The price of gold will increase significantly, now you can already notice the inverse correlation between gold and digital assets , ”said Innes.
However, if we estimate the dynamics of gold since 2011, the cost of an ounce gradually decreased from $ 1,900 to $ 1,220 (- 35.5%). The price of bitcoin over the past seven years has increased by 12,500%. At the same time, assets did not demonstrate any inverse correlation during 2018, since they are more likely to not affect each other.
TradingView data
TradingView data
Meanwhile, the bitcoin price dropped below $ 4,000, reaching September 2017 values.
Bitstamp data
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