Forex and Crypto News

Bitcoin behaves like gold in 2008

14:01 18 March /2020

Willy Wu, an analyst who predicted a drop in Bitcoin prices during the global crisis, talks about price recovery.

Now the price of Bitcoin is looking for its bottom. And once it is found, the price will feel bullish pressure. Willy Wu believes that the current behavior of the price of Bitcoin resembles the behavior of gold during the global crisis of 2008 when the bubble in the housing and credit market burst.

Then gold fell in price by 34%, even though investors bought gold as a refuge for capital. However, then the American dollar played the role of an additional refuge for capital.

When gold reached a minimum of $ 681.75, then it began to rise sharply in price and six months later almost doubled the price, to $ 1703.60. Now the price of gold has also declined under the pressure of coronavirus.

Now the situation is similar. It is worth recalling that everything is sold for American dollars. Investors sell their assets for dollars and only then do they buy other assets for dollars.

Analyst Willy Wu says it’s currently not possible to predict the future exact price of Bitcoin. This is the first global crisis for Bitcoin. And to predict the price of Bitcoin based on past data is not possible.

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