Bitcoin remains in a long-term bullish trend, but it currently appears significantly overvalued relative to gold. The recent breakout, followed by a re-test of the upsloping wedge formation, suggests that bullish momentum may be waning. This could indicate that capital is beginning to rotate out of Bitcoin. As a result, it may be more prudent to revisit the market in one to two years ahead. This shift may also mark the beginning of a potential altcoin season.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.