• Bitcoin’s co-relation with gold has reached new heights. 
• At press time, traders had a positive outlook towards BTC.

Amidst economic uncertainty, traders are searching for ways to safeguard their wealth. Usually, gold has been their go-to choice during troubled times. However, there’s been a recent shift in the financial landscape.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

Gold rush

Bitcoin [BTC] was gaining popularity as an investment in the past few weeks. Additionally, its connection with gold reached its highest level since the banking crisis earlier this year.

This correlation between BTC and gold boosted positive sentiment around Bitcoin. It is increasingly being viewed as a hedge against economic uncertainty.

BTC’s correlation to gold is the highest that it’s been since the banking crisis earlier this year pic.twitter.com/tF5juTJx1k

— Will Clemente (@WClementeIII) October 28, 2023

At the time of writing, Bitcoin was priced at $34,100. Both its price and trading activity experienced substantial surges in recent days. However, there was a drop in overall sentiment about BTC.

This implied that negative feelings and comments about Bitcoin were starting to outnumber the positive ones. This mismatch between Bitcoin’s price and the sentiment surrounding may lead to a bearish trend in the future.

Miners are happy

Another important factor that could pla

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Author: Himalay Patel

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